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Article
Publication date: 10 March 2020

Konstantinos N. Konstantakis, Panayotis G. Michaelides, Theofanis Papageorgiou and Theodoros Daglis

This research paper uses a novel methodological approach to investigate the spillover effects among the key sectors of the US economy.

Abstract

Purpose

This research paper uses a novel methodological approach to investigate the spillover effects among the key sectors of the US economy.

Design/methodology/approach

The paper links the US sectors via a node theoretic scheme based on a general equilibrium framework, whereas it estimates the general equilibrium equation as a Global Vector Autoregressive process, taking into consideration the potential existence of dominant units.

Findings

Based on our findings, the dominant sector in the US economy, for the period 1992–2015, is the sector of information technology, finance and communications, a fact that gives credence to the view that the US economy is a service-driven economy. In addition, the US economy seems to benefit by the increased labour mobility across knowledge-intensive sectors, thus avoiding the ‘employment trap’ which in turn enabled the US economy to overcome the financial crisis of 2007.

Originality/value

Firstly, the paper models by means of a network approach which is based on a general equilibrium framework, the linkages between the US sectors while treating the sector of information, technology, communications and finance as dominant, as dictated by its degree of centrality in the network structure. Secondly, the paper offers a robustness analysis regarding both the existence and the identification of dominant sectors (nodes) in the US economy. Thirdly, the paper studies a wide period, namely 1992–2015, fully capturing the recent global recession, while acknowledging the impact of the global crisis through the introduction of the relevant exogenous dummy variables; Lastly and most importantly, it is the first study to apply the GVAR approach in a network general equilibrium framework at the sectoral level.

Details

Journal of Economic Studies, vol. 47 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 16 February 2010

Panayotis G. Michaelides, John G. Milios, Angelos Vouldis and Spyros Lapatsioras

Joseph Alois Schumpeter's ideas are in the discussion agenda of various economists working in different theoretical traditions. However, several aspects of his work remain…

Abstract

Purpose

Joseph Alois Schumpeter's ideas are in the discussion agenda of various economists working in different theoretical traditions. However, several aspects of his work remain unexplored. In particular, the origin of his ideas in the context of the then prevalent economic theories of the German‐speaking camp, have not been widely discussed. The purpose of this paper is claim that the elaborations of certain German‐speaking heterodox economists and/or schools of economic thought may be traced in Schumpeter's oeuvre.

Design/methodology/approach

The influence of the German Historical School and specifically of Gustav von Schmoller, Max Weber and Werner Sombart on typical Schumpeterian themes is examined. In a similar vein, it is argued that Schumpeter's analysis presents striking similarities with the works of the Austro‐Marxist Economist Rudolf‐Hilferding and the Austrian Social Democrat Emil Lederer.

Findings

In this context, certain Schumpeterian insights appear less original.

Originality/value

Conclusively, it may be inferred that a deeper understanding of Schumpeterian economic analysis presupposes an acquaintance with certain heterodox theoretical traditions of the German‐speaking world.

Details

International Journal of Social Economics, vol. 37 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

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Article
Publication date: 21 June 2011

Panayotis G. Michaelides, Athena Belegri‐Roboli and Gerasimos Arapis

The purpose of this paper is to present a non‐linear Hicks model of the cycle, based on Keynesian theory and economic dynamics.

Abstract

Purpose

The purpose of this paper is to present a non‐linear Hicks model of the cycle, based on Keynesian theory and economic dynamics.

Design/methodology/approach

Using the proposed approach, the paper puts forward a simple method for its empirical estimation based on nonlinear least squares and other relevant techniques.

Findings

An example is given to prove the feasibility and the increased validity of the non‐linear dynamic Hicks model. Analytically, an empirical application for the Chinese economy (1970‐2007) demonstrates the almost ideal performance of the modified model and of the proposed method.

Research limitations/implications

If research is reported on in the paper, this section must be completed and should include suggestions for future research and any identified limitations in the research process.

Practical implications

What outcomes and implications for practice, applications and consequences are identified? Not all papers will have practical implications but most will. What changes to practice should be made as a result of this research/paper?

Social implications

What will be the impact on society of this research? How will it influence public attitudes? How will it influence (corporate) social responsibility or environmental issues? How could it inform public or industry policy? How might it affect quality of life? Not all papers will have social implications.

Originality/value

To the best of the authors' knowledge, there has not been any attempt in the literature to formally estimate the famous nonlinear Hicks model of the cycle because of a lack of the appropriate methodology.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 4 no. 2
Type: Research Article
ISSN: 1754-4408

Keywords

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Article
Publication date: 10 May 2011

Ioannis Katselidis, Angelos Vouldis and Panayotis G. Michaelides

This paper aims to analyze Emil Lederer's and Sumner Slichter's theses on the concept of technological unemployment.

Abstract

Purpose

This paper aims to analyze Emil Lederer's and Sumner Slichter's theses on the concept of technological unemployment.

Design/methodology/approach

Given the presence of core elements of both economists' visions in the famous Debate on Technological Unemployment (1928‐1933), it is surprising that so little attention has been paid to their works. This paper makes an attempt to interpret certain parts of Emil Lederer's oeuvre in association with the writings of Sumner Slichter based on a careful examination of their writings and their theoretical investigations.

Findings

The writings of both economists seem to converge to similar views. Analytically, they both attempted to explain the inability of the economic system to readjust and absorb the unemployed workers. Moreover, both economists disputed the assertion of Say's law that full equilibrium would be assured by the functioning of market forces. In contrast to other economists, they both attached increased significance to the supply side of the economy and in particular to the role of technical change. Furthermore, it seems that both authors were in favor of restrained technological change, which would be absorbed smoothly from the economic system. Another interesting aspect of both economists' investigations is their respective theoretical shift around 1930, which could be attributed to the disastrous consequences of the Great Depression. The paper concludes that, despite some differences between Lederer and Slichter, the parallels are impressive.

Originality/value

Most aspects of Slichter and Lederer's works remain unexplored. Thus, the connection between them may be very useful for promoting dialogue between different schools or strands of thought.

Details

International Journal of Social Economics, vol. 38 no. 6
Type: Research Article
ISSN: 0306-8293

Keywords

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Article
Publication date: 5 July 2011

Panayotis G. Michaelides

Abstract

Details

International Journal of Social Economics, vol. 38 no. 8
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 11 January 2011

Theofanis Papageorgiou, Panayotis G. Michaelides and John G. Milios

The purpose of this paper is to deal with questions of instability and economic crises, deriving theoretical arguments from Marx's and Schumpeter's works and presenting…

Abstract

Purpose

The purpose of this paper is to deal with questions of instability and economic crises, deriving theoretical arguments from Marx's and Schumpeter's works and presenting relevant empirical evidence for the case of the US food manufacturing sector.

Design/methodology/approach

The paper attempts to interpret the economic fluctuations in the US food sector and find causal relationships between the crucial variables dictated by Schumpeterian and Marxian theory, such as technological change, output and profitability. In this context, a number of relevant techniques have been used, such as de‐trending, cointegration analysis, white noise tests, periodograms, cross‐correlations and Granger causality tests.

Findings

Most economic variables in the food manufacturing sector exhibit a similar pattern characterized by periodicities exhibiting a short‐term cycle, a mid‐term cycle and a long‐term cycle. Also, the economic variables investigated follow patterns which are consistent with the total economy. Furthermore, a relatively rapid transmission of technology in the economy takes place along with bidirectional causality between technology and output/profitability, which can be interpreted as indicating an ambivalent relationship in the flow of cause and effect. These findings give credit to certain aspects of the Schumpeterian and Marxist theories of economic crises, respectively.

Originality/value

This paper contributes to the literature in the following ways: first, it introduces a relevant methodological framework building on Schumpeterian and Marxist insights. Second, it uses several variables to study the economic fluctuations instead of delimiting its analysis, for instance, to industrial output. Third, the results are discussed in a broader political economy context, related to the US economy, as a whole.

Details

International Journal of Social Economics, vol. 38 no. 2
Type: Research Article
ISSN: 0306-8293

Keywords

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Article
Publication date: 13 April 2010

Panayotis G. Michaelides and Kostas Theologou

The purpose of this paper is to argue that Joseph Schumpeter's views are influenced by the French social philosopher Gabriel Tarde who delivered a theory of social…

Abstract

Purpose

The purpose of this paper is to argue that Joseph Schumpeter's views are influenced by the French social philosopher Gabriel Tarde who delivered a theory of social evolution based on technological change as its driving force.

Design/methodology/approach

The paper investigates the affinities in Schumpeter's and Tarde's respective theoretical and methodological approaches.

Findings

In this context, the paper finds striking similarities in their central visions.

Practical implications

Understanding Schumpeter's theories implies a deeper acquaintance with Tarde's oeuvre.

Originality/value

The paper concludes that several Schumpeterian insights appear to be less original.

Details

International Journal of Social Economics, vol. 37 no. 5
Type: Research Article
ISSN: 0306-8293

Keywords

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Article
Publication date: 7 October 2014

Konstantinos Konstantakis, Panayotis G. Michaelides and Theofanis Papageorgiou

– The purpose of this paper is to investigate two famous postulates of the Schumpeterian doctrine and its implications for the US economy.

Abstract

Purpose

The purpose of this paper is to investigate two famous postulates of the Schumpeterian doctrine and its implications for the US economy.

Design/methodology/approach

Analytically, the authors investigate whether sector size matters for sectoral: technological change and stability, as expressed through the relevant quantitative measures and variables. To this end, the authors test a number of relevant models that express the various forms of this relationship. More precisely, the authors use panel data for the 14 main sectors of economic activity in the USA over the period 1957-2006, just before the first signs of the US and global recession made their appearance.

Findings

The results seem to be in line with the Schumpeterian postulate that market size matters for technological change and economic stability, for the US economy (1957-2006). Clearly, further research would be of great interest.

Originality/value

This work contributes to the literature in the following ways: first, it provides an extensive review of the literature on the subject and adopts two relevant methodological approaches. Second, based on these quantitative approaches, the paper offers a complete investigation of two famous postulates of the Schumpeterian theory for the US economy, and it is the first, to the best of the authors’ knowledge, to do so by sector of economic activity, in a panel data framework. Third, the paper uses a wide data set (1957-2006) to examine the US economy up until the first signs of the US and global economic recession made their appearance.

Details

International Journal of Social Economics, vol. 41 no. 10
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Article
Publication date: 1 January 2012

Abstract

Details

International Journal of Social Economics, vol. 39 no. 1/2
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Article
Publication date: 3 February 2012

Abstract

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 5 no. 1
Type: Research Article
ISSN: 1754-4408

Keywords

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