Pub Date : 2023-10-05DOI: 10.1080/09538259.2023.2242210
Jayati Ghosh
ABSTRACTThe study of inequality by economists has largely focussed on distributive inequalities of various kinds. The focus on different dimensions of distributive inequality in access and outcomes is welcome. However, it is also important to consider relational inequalities and power imbalances, which economists typically consider to be the domain of sociology, anthropology and related disciplines. Many economic processes cannot be understood without analysing the underlying relational inequalities, which can reveal much about economic processes and associated policies. Some examples from the Indian experience, specifically relating to power imbalances created by gender and caste differentiation, indicate how this can play out. These are not simply ‘traditional social forms’ that are in opposition to or contradictory with capitalist accumulation. Rather, they are crucial in enabling segmented labour markets and enabling extractivist patterns of accumulation, on which recent Indian economic growth has been dependent.KEYWORDS: Inequalitylabour market segmentationeconomic developmentJEL CODES: J42J46J71O11O17Z13 AcknowledgementsI am grateful to the Wenner-Gren Foundation for involving me in a fruitful interaction between economists and anthropologists, and to Theresa Ghilarducci, Richard McGahey and Gustav Peebles for insightful comments on an earlier draft, as well as to Steven Pressman for his patience as an Editor.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Indeed, this is why it has been noted that much of women’s work participation in India is of the ‘distress’ variety, engaged in when the household is very poor or when there is a natural calamity, economic shock or other decline in household income (Himanshu Citation2011).2 For example, in 2011-12, the total women’s work participation rate, including all of these activities, was as high as 86.2 per cent, compared to 79.8 per cent for men.3 Another NSS survey in 2012 found that in rural areas, the average trip to the water source took 20 min, with an additional waiting time of 15 min at the water source, and that several trips were required in order to meet the water needs for household consumption. In urban areas the time for travel to the source was 15 min and the time spent waiting per trip was 16 min. Similarly, significant time was spent by women on collecting fuelwood and fodder for animals.4 Despite this, a significant majority of such surveyed women said they would be willing to accept paid work, thereby showing the desperation to take on a double burden of work because of low family incomes.
{"title":"Relational Inequality and Economic Outcomes: A Consideration of the Indian Experience","authors":"Jayati Ghosh","doi":"10.1080/09538259.2023.2242210","DOIUrl":"https://doi.org/10.1080/09538259.2023.2242210","url":null,"abstract":"ABSTRACTThe study of inequality by economists has largely focussed on distributive inequalities of various kinds. The focus on different dimensions of distributive inequality in access and outcomes is welcome. However, it is also important to consider relational inequalities and power imbalances, which economists typically consider to be the domain of sociology, anthropology and related disciplines. Many economic processes cannot be understood without analysing the underlying relational inequalities, which can reveal much about economic processes and associated policies. Some examples from the Indian experience, specifically relating to power imbalances created by gender and caste differentiation, indicate how this can play out. These are not simply ‘traditional social forms’ that are in opposition to or contradictory with capitalist accumulation. Rather, they are crucial in enabling segmented labour markets and enabling extractivist patterns of accumulation, on which recent Indian economic growth has been dependent.KEYWORDS: Inequalitylabour market segmentationeconomic developmentJEL CODES: J42J46J71O11O17Z13 AcknowledgementsI am grateful to the Wenner-Gren Foundation for involving me in a fruitful interaction between economists and anthropologists, and to Theresa Ghilarducci, Richard McGahey and Gustav Peebles for insightful comments on an earlier draft, as well as to Steven Pressman for his patience as an Editor.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Indeed, this is why it has been noted that much of women’s work participation in India is of the ‘distress’ variety, engaged in when the household is very poor or when there is a natural calamity, economic shock or other decline in household income (Himanshu Citation2011).2 For example, in 2011-12, the total women’s work participation rate, including all of these activities, was as high as 86.2 per cent, compared to 79.8 per cent for men.3 Another NSS survey in 2012 found that in rural areas, the average trip to the water source took 20 min, with an additional waiting time of 15 min at the water source, and that several trips were required in order to meet the water needs for household consumption. In urban areas the time for travel to the source was 15 min and the time spent waiting per trip was 16 min. Similarly, significant time was spent by women on collecting fuelwood and fodder for animals.4 Despite this, a significant majority of such surveyed women said they would be willing to accept paid work, thereby showing the desperation to take on a double burden of work because of low family incomes.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"301 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135481194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-05DOI: 10.1080/09538259.2023.2258363
Sheila Dow
ABSTRACTIt is impossible to separate Geoff Harcourt’s economics from his moral values, both professed and practiced. His work exemplifies the view within the political economy approach that values are inevitably embedded in theory. This characteristic is in sharp contrast with the central tenet of the mainstream view of economic science that it is technical and thus value-free. In considering the role of values in economics we focus particularly on the distinction between moral values and epistemological values. We explore their nature, role and interactions at a range of levels in political economy and in mainstream economics: ontology (including scientific motivation), epistemology and methodology. It is shown that, while moral values are inevitably embedded in theorising, their scope can be severely constrained if epistemological values are given priority. The paper is intended as a contribution to meaningful and constructive debate about values in theorising, with an overarching argument for philosophical consistency.KEYWORDS: Geoff Harcourtvaluesphilosophical consistencyJEL CODES: B31B41B50 AcknowledgementsThis paper has benefitted from comments from Amativa Dutt, John Hart and two anonymous referees, and from discussion following the presentation of some of the material to the Séminaire de recherche sur la pensée économique, April 2023.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Hume (Citation1739-Citation40, III.I, pp. 469–470) is popularly associated with scientific objectivism (as expressed for example by mainstream economics) when his aim rather was simply to draw attention to the treatment in argument of values as if they are objective.2 Of particular relevance are the debates between the ‘naturalist’ and ‘interpretivist’ traditions in economics (Hart Citation2022).3 The word ‘science’ is used here to identify systematic enquiry rather than to denote the way in which the enquiry is conducted.4 The motivation was stronger in some people than others, accounting for specialism in (natural or moral) philosophy. This was Smith’s first expression of the division of labour. He argued further that it was circumstances more than innate qualities which explained who specialised in philosophy and who did not (Skinner Citation2001).5 The role of individualistic ideology in the marginalist revolution was complex. For example, Jevons used utilitarian values to justify interventionist policy in pursuit of the greatest happiness, challenging libertarian politics (see e.g. Paul Citation1979).6 ‘The instant at which a scientist becomes certain that his problem is solved, the following days in which details are worked out and consequences unfold, even the preceding weeks or months of research are sources of unsurpassed, addictive intellectual pleasure’.7 Of the two leading figures in that revolution, Lucas was attracted to economics because he ‘liked to think about social problems’ (Klamer Citation1984, p. 3
库恩(Citation1962)对主导范式如何保持其主导地位的描述预示了这一论点Debreu (Citation1983b, p. 99)在他的诺贝尔纪念演讲中指出，正是他的数学结构的简单性和普适性使其在应用中如此有用。
{"title":"Geoff Harcourt and the Central Role of Values in Economics","authors":"Sheila Dow","doi":"10.1080/09538259.2023.2258363","DOIUrl":"https://doi.org/10.1080/09538259.2023.2258363","url":null,"abstract":"ABSTRACTIt is impossible to separate Geoff Harcourt’s economics from his moral values, both professed and practiced. His work exemplifies the view within the political economy approach that values are inevitably embedded in theory. This characteristic is in sharp contrast with the central tenet of the mainstream view of economic science that it is technical and thus value-free. In considering the role of values in economics we focus particularly on the distinction between moral values and epistemological values. We explore their nature, role and interactions at a range of levels in political economy and in mainstream economics: ontology (including scientific motivation), epistemology and methodology. It is shown that, while moral values are inevitably embedded in theorising, their scope can be severely constrained if epistemological values are given priority. The paper is intended as a contribution to meaningful and constructive debate about values in theorising, with an overarching argument for philosophical consistency.KEYWORDS: Geoff Harcourtvaluesphilosophical consistencyJEL CODES: B31B41B50 AcknowledgementsThis paper has benefitted from comments from Amativa Dutt, John Hart and two anonymous referees, and from discussion following the presentation of some of the material to the Séminaire de recherche sur la pensée économique, April 2023.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Hume (Citation1739-Citation40, III.I, pp. 469–470) is popularly associated with scientific objectivism (as expressed for example by mainstream economics) when his aim rather was simply to draw attention to the treatment in argument of values as if they are objective.2 Of particular relevance are the debates between the ‘naturalist’ and ‘interpretivist’ traditions in economics (Hart Citation2022).3 The word ‘science’ is used here to identify systematic enquiry rather than to denote the way in which the enquiry is conducted.4 The motivation was stronger in some people than others, accounting for specialism in (natural or moral) philosophy. This was Smith’s first expression of the division of labour. He argued further that it was circumstances more than innate qualities which explained who specialised in philosophy and who did not (Skinner Citation2001).5 The role of individualistic ideology in the marginalist revolution was complex. For example, Jevons used utilitarian values to justify interventionist policy in pursuit of the greatest happiness, challenging libertarian politics (see e.g. Paul Citation1979).6 ‘The instant at which a scientist becomes certain that his problem is solved, the following days in which details are worked out and consequences unfold, even the preceding weeks or months of research are sources of unsurpassed, addictive intellectual pleasure’.7 Of the two leading figures in that revolution, Lucas was attracted to economics because he ‘liked to think about social problems’ (Klamer Citation1984, p. 3","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135481883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-19DOI: 10.1080/09538259.2022.2107365
Mauro Boianovsky
This is the general introduction to a mini-symposium on Lucas’ (1972) ‘Expectations and the neutrality of money’ in historical perspective. Upon discussing some of the main features of Lucas’ seminal and controversial article, this introduction sums up the main points of the four papers contributed to the mini-symposium.
{"title":"Introduction to the Mini-Symposium on Lucas’s 1972 ‘Expectations and the Neutrality of Money’ in Historical Perspective","authors":"Mauro Boianovsky","doi":"10.1080/09538259.2022.2107365","DOIUrl":"https://doi.org/10.1080/09538259.2022.2107365","url":null,"abstract":"This is the general introduction to a mini-symposium on Lucas’ (1972) ‘Expectations and the neutrality of money’ in historical perspective. Upon discussing some of the main features of Lucas’ seminal and controversial article, this introduction sums up the main points of the four papers contributed to the mini-symposium.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135063758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-12DOI: 10.1080/09538259.2023.2217776
Emilio Carnevali, Matteo Deleidi, Riccardo Pariboni, Marco Veronese Passarella
ABSTRACTThis work takes inspiration from four theoretical strands: recent developments in ecological macroeconomics; the Schumpeterian framework of evolutionary economics that emphasises the entrepreneurial role of the State; the stock-flow consistent approach to macroeconomic modelling; and the supermultiplier model. Building upon these approaches, we develop a formal model that reproduces key interactions between the economy, the financial sector, the ecosystem and the society. We test and assess the effects of several fiscal policies. We find that, in principle, mission-oriented innovation policies are the most effective option in supporting innovation and growth, while reducing income inequality. However, lacking a ‘green’ and progressive taxation system, they are unlikely to reverse the current trend in atmospheric temperature.KEYWORDS: Supermultipliermission-oriented policystock-flow consistent modellingclimate changerebound effectJEL CODES: B51B52E12Q57 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the editor and the reviewers for their feedback, which helped us improve our original draft and publish the article.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 There are a few exceptions, notably, Naqvi and Stockhammer (Citation2018) and Dafermos and Nikolaidi (Citation2019).2 Examples of MOIS policies include the Apollo Program (EC Citation2018a) and the Energiewende Programme (EC Citation2018b; Mazzucato Citation2018). The former is the US human spaceflight program carried out by the NASA, which led to the first manned landing on the moon in 1969. The latter is a German program aiming at reducing CO2 emissions by developing a low-carbon energy system at the national level. The main purpose of the Energiewende Programme is to allow Germany to stop energy production from nuclear plants by 2022, and to rely on renewable energy resources only by 2050. The program is expected to create favourable conditions for the private sector, offering new opportunities to undertake green technological innovation (thanks to government-financed investment activities).3 More precisely, ‘[p]ublic expenditure, exports, household residential investment, and consumption financed out of debt are considered autonomous components of aggregate demand in the literature and are the proximate cause of economic growth in the supermultiplier model. These components have two characteristics: they do not increase the (private) productive capacity of the economy and they are neither caused nor funded by domestic income’ (Morlin, Passos, and Pariboni Citation2022, p. 5).4 Recently, supermultiplier-like models have been used by economists with different theoretical backgrounds (e.g., Allain Citation2015; Lavoie Citation2016; Hein Citation2018; Fazzari, Ferri, and Variato Citation2020; Nomaler, Spinola, and Verspagen Citation2021).5 See, e.g., Freitas and Christianes (Citation2020); Morlin (Citation2022
{"title":"Economy-Finance-Environment-Society Interconnections In a Stock-Flow Consistent Dynamic Model","authors":"Emilio Carnevali, Matteo Deleidi, Riccardo Pariboni, Marco Veronese Passarella","doi":"10.1080/09538259.2023.2217776","DOIUrl":"https://doi.org/10.1080/09538259.2023.2217776","url":null,"abstract":"ABSTRACTThis work takes inspiration from four theoretical strands: recent developments in ecological macroeconomics; the Schumpeterian framework of evolutionary economics that emphasises the entrepreneurial role of the State; the stock-flow consistent approach to macroeconomic modelling; and the supermultiplier model. Building upon these approaches, we develop a formal model that reproduces key interactions between the economy, the financial sector, the ecosystem and the society. We test and assess the effects of several fiscal policies. We find that, in principle, mission-oriented innovation policies are the most effective option in supporting innovation and growth, while reducing income inequality. However, lacking a ‘green’ and progressive taxation system, they are unlikely to reverse the current trend in atmospheric temperature.KEYWORDS: Supermultipliermission-oriented policystock-flow consistent modellingclimate changerebound effectJEL CODES: B51B52E12Q57 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the editor and the reviewers for their feedback, which helped us improve our original draft and publish the article.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 There are a few exceptions, notably, Naqvi and Stockhammer (Citation2018) and Dafermos and Nikolaidi (Citation2019).2 Examples of MOIS policies include the Apollo Program (EC Citation2018a) and the Energiewende Programme (EC Citation2018b; Mazzucato Citation2018). The former is the US human spaceflight program carried out by the NASA, which led to the first manned landing on the moon in 1969. The latter is a German program aiming at reducing CO2 emissions by developing a low-carbon energy system at the national level. The main purpose of the Energiewende Programme is to allow Germany to stop energy production from nuclear plants by 2022, and to rely on renewable energy resources only by 2050. The program is expected to create favourable conditions for the private sector, offering new opportunities to undertake green technological innovation (thanks to government-financed investment activities).3 More precisely, ‘[p]ublic expenditure, exports, household residential investment, and consumption financed out of debt are considered autonomous components of aggregate demand in the literature and are the proximate cause of economic growth in the supermultiplier model. These components have two characteristics: they do not increase the (private) productive capacity of the economy and they are neither caused nor funded by domestic income’ (Morlin, Passos, and Pariboni Citation2022, p. 5).4 Recently, supermultiplier-like models have been used by economists with different theoretical backgrounds (e.g., Allain Citation2015; Lavoie Citation2016; Hein Citation2018; Fazzari, Ferri, and Variato Citation2020; Nomaler, Spinola, and Verspagen Citation2021).5 See, e.g., Freitas and Christianes (Citation2020); Morlin (Citation2022","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135878395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-11DOI: 10.1080/09538259.2023.2247358
Angela Ambrosino, Mario Cedrini, John B. Davis
We argue that in a core–periphery economic world economics imperialism as advanced by the postwar Chicago School and economic imperialism led by the economies of the north are two sides of the same coin. We first review the parallelism between postwar capitalism’s core–periphery expansion of the north into the south and the Chicago theory of economics imperialism. We then distinguish four forms of relationships between different disciplines, and using Rodrik’s augmented global capitalism trilemma argue Chicago adopts his Golden Straitjacket pathway, both for north–south capitalist expansion and core mainstream economics’ orientation toward other social science disciplines. The paper then uses Ricardo’s classic theory of rising rents to argue the Golden Straitjacket pathway is self-undermining for both, because it produces costly rising inframarginal rents in the north economies associated with financialization and in Chicago economics associated with its defense against other disciplines’ reverse imperialisms. We conclude that long-term forces operating on global economic development and the evolution of the social sciences suggest an alternative pathway for both that would produce a more pluralistic world economy and a more pluralistic economics.
{"title":"Economics Imperialism and Economic Imperialism: Two Sides of the Same Coin","authors":"Angela Ambrosino, Mario Cedrini, John B. Davis","doi":"10.1080/09538259.2023.2247358","DOIUrl":"https://doi.org/10.1080/09538259.2023.2247358","url":null,"abstract":"We argue that in a core–periphery economic world economics imperialism as advanced by the postwar Chicago School and economic imperialism led by the economies of the north are two sides of the same coin. We first review the parallelism between postwar capitalism’s core–periphery expansion of the north into the south and the Chicago theory of economics imperialism. We then distinguish four forms of relationships between different disciplines, and using Rodrik’s augmented global capitalism trilemma argue Chicago adopts his Golden Straitjacket pathway, both for north–south capitalist expansion and core mainstream economics’ orientation toward other social science disciplines. The paper then uses Ricardo’s classic theory of rising rents to argue the Golden Straitjacket pathway is self-undermining for both, because it produces costly rising inframarginal rents in the north economies associated with financialization and in Chicago economics associated with its defense against other disciplines’ reverse imperialisms. We conclude that long-term forces operating on global economic development and the evolution of the social sciences suggest an alternative pathway for both that would produce a more pluralistic world economy and a more pluralistic economics.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135981451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-04DOI: 10.1080/09538259.2023.2248027
Malcolm Sawyer
ABSTRACT The contribution and continuing relevance of Kalecki’s paper on ‘Political aspects of full employment’ on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki’s paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of ‘fundamental reforms’ in sustaining full employment under capitalism, and the ‘fate’ of fundamental reforms is reviewed.
{"title":"Political Aspects of Full Employment: Eight Decades On","authors":"Malcolm Sawyer","doi":"10.1080/09538259.2023.2248027","DOIUrl":"https://doi.org/10.1080/09538259.2023.2248027","url":null,"abstract":"ABSTRACT\u0000 The contribution and continuing relevance of Kalecki’s paper on ‘Political aspects of full employment’ on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki’s paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of ‘fundamental reforms’ in sustaining full employment under capitalism, and the ‘fate’ of fundamental reforms is reviewed.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"1109 - 1123"},"PeriodicalIF":1.5,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48347084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1080/09538259.2023.2245233
Silvia Leoni
{"title":"A Historical Review of the Role of Education: From Human Capital to Human Capabilities","authors":"Silvia Leoni","doi":"10.1080/09538259.2023.2245233","DOIUrl":"https://doi.org/10.1080/09538259.2023.2245233","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44407359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-24DOI: 10.1080/09538259.2023.2238997
Massimo Pivetti
{"title":"A Note on the Real Effects of Interest Rate Policy and Its Impact on Inflation","authors":"Massimo Pivetti","doi":"10.1080/09538259.2023.2238997","DOIUrl":"https://doi.org/10.1080/09538259.2023.2238997","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45913867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-22DOI: 10.1080/09538259.2023.2243845
Renee Prendergast
ABSTRACT The paper seeks to uncover a long-submerged tradition that saw knowledge accumulation as the main driver of development. This vision was ubiquitous until the late 18th century when, with the advent of the machine age, the focus shifted from knowledge accumulation to capital accumulation. Emphasis on knowledge did not disappear completely. Some argued that the knowledge embedded in human agents and not capital was the source of productivity gains while others emphasised the role of technological and scientific knowledge alongside capital accumulation. By the early decades of the 20th century, the economic role of science had become more salient and by the end of that century, the idea that knowledge accumulation has a central role in progress was again taken for granted. The paper suggests that by focusing the kinds of knowledge we have; and how that knowledge is stored, transmitted, made use of, and extended; we can learn much about how specific social relations of production facilitate or retard development, about who gets the rewards, and how relations of production may need to change to allow knowledge itself to develop.
{"title":"The Role of Knowledge in Economic Life — From Bacon to Marshall","authors":"Renee Prendergast","doi":"10.1080/09538259.2023.2243845","DOIUrl":"https://doi.org/10.1080/09538259.2023.2243845","url":null,"abstract":"ABSTRACT The paper seeks to uncover a long-submerged tradition that saw knowledge accumulation as the main driver of development. This vision was ubiquitous until the late 18th century when, with the advent of the machine age, the focus shifted from knowledge accumulation to capital accumulation. Emphasis on knowledge did not disappear completely. Some argued that the knowledge embedded in human agents and not capital was the source of productivity gains while others emphasised the role of technological and scientific knowledge alongside capital accumulation. By the early decades of the 20th century, the economic role of science had become more salient and by the end of that century, the idea that knowledge accumulation has a central role in progress was again taken for granted. The paper suggests that by focusing the kinds of knowledge we have; and how that knowledge is stored, transmitted, made use of, and extended; we can learn much about how specific social relations of production facilitate or retard development, about who gets the rewards, and how relations of production may need to change to allow knowledge itself to develop.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"913 - 932"},"PeriodicalIF":1.5,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47467853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-15DOI: 10.1080/09538259.2023.2241410
M. Boianovsky
{"title":"Bread and Steel: Harcourt on the Economic Surplus, Employment and Distribution in Two-Sector Economies","authors":"M. Boianovsky","doi":"10.1080/09538259.2023.2241410","DOIUrl":"https://doi.org/10.1080/09538259.2023.2241410","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44809594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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