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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: 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

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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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Book part
Publication date: 22 October 2020

Athina Karatzogianni and Anastasia Veneti

This chapter theorises the Internet in Greece by placing it at the centre of Greek media offering a political economy which recasts it in a culturalist fashion. To achieve…

Abstract

This chapter theorises the Internet in Greece by placing it at the centre of Greek media offering a political economy which recasts it in a culturalist fashion. To achieve this, it critically addresses the country's alleged lag in cyberspace and asks why the Internet's hegemonic role in the advance of neoliberal policies and technoliberalism worldwide was never performed in Greece. It places the countrywide disdain for the technoliberal subject at the core of understanding of why the web mediations where so neatly denied over three decades across industry, policy and research. It centres around Internet remediations to argue that the Internet in Greece has been conceptualised as a nonmedia through the idea of lagging behind, essentially a construct veiling neoliberalism at work. It situates the advent of the web in Greece's media boom to argue that media power, as articulated in Greece, necessarily excluded the web, fetishising terrestrial broadcasting on the way to the neoliberal dismantling of culture, the media and everyday life, way before the Troika.

Details

The Emerald Handbook of Digital Media in Greece
Type: Book
ISBN: 978-1-83982-401-2

Keywords

Content available
Book part
Publication date: 22 October 2020

Abstract

Details

The Emerald Handbook of Digital Media in Greece
Type: Book
ISBN: 978-1-83982-401-2

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