Pub Date : 2023-09-27DOI: 10.1177/04866134231196316
Michele I. Naples
The reserve army of the unemployed is typically proxied by the unemployment rate. This article takes seriously measurement choices in calculating unemployment severity. Should everyone experiencing unemployment (unemployment incidence) be the measure? Should “discouraged” and involuntarily part-time workers be included? It then asks the policy question, to what extent have state and federal unemployment-compensation policies increasingly exacerbated unemployment duress? And, it interrogates the impact of women’s paid work on the burden of unemployment on households. JEL Classification: E24, E3
{"title":"How Large Is Unemployment and Its Impact on Workers’ Economic Leverage?","authors":"Michele I. Naples","doi":"10.1177/04866134231196316","DOIUrl":"https://doi.org/10.1177/04866134231196316","url":null,"abstract":"The reserve army of the unemployed is typically proxied by the unemployment rate. This article takes seriously measurement choices in calculating unemployment severity. Should everyone experiencing unemployment (unemployment incidence) be the measure? Should “discouraged” and involuntarily part-time workers be included? It then asks the policy question, to what extent have state and federal unemployment-compensation policies increasingly exacerbated unemployment duress? And, it interrogates the impact of women’s paid work on the burden of unemployment on households. JEL Classification: E24, E3","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1177/04866134231198222
Lorrayne Carroll, Joe Medley
{"title":"Paying Attention, Losing Our Minds","authors":"Lorrayne Carroll, Joe Medley","doi":"10.1177/04866134231198222","DOIUrl":"https://doi.org/10.1177/04866134231198222","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135537122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1177/04866134231199123
Özgür Orhangazi, Gary Dymski
We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty’s approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic building blocks of Crottyian macroeconomics consist of the emphasis on macro foundations, focus on the concrete capitalist processes with their endogenous, dynamic, and conflict-ridden nature, and the centrality of money, credit, and competitive dynamics of the capitalist system. We also discuss how a study of these dynamics led to his final work on “liberal socialism” as the way to end the disruptive cycles of capitalism. We argue that those aiming to construct a solid theoretical foundation to guide the understanding, transformation, and transcending of contemporary capitalist societies would find much inspiration in Crotty’s intellectual legacy. JEL Classification: E11, E12, B51
{"title":"The Intellectual Odyssey of James R. Crotty: From the War on Vietnam to a Socialist Alternative to Global Capitalism","authors":"Özgür Orhangazi, Gary Dymski","doi":"10.1177/04866134231199123","DOIUrl":"https://doi.org/10.1177/04866134231199123","url":null,"abstract":"We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty’s approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic building blocks of Crottyian macroeconomics consist of the emphasis on macro foundations, focus on the concrete capitalist processes with their endogenous, dynamic, and conflict-ridden nature, and the centrality of money, credit, and competitive dynamics of the capitalist system. We also discuss how a study of these dynamics led to his final work on “liberal socialism” as the way to end the disruptive cycles of capitalism. We argue that those aiming to construct a solid theoretical foundation to guide the understanding, transformation, and transcending of contemporary capitalist societies would find much inspiration in Crotty’s intellectual legacy. JEL Classification: E11, E12, B51","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-21DOI: 10.1177/04866134231188585
Michael Gaul
Marx’s account of technical progress has been criticized by philosophers as being a metanarrative, by ecological economists as being unduly strong, by economists as being unduly weak, and by post-Sraffian authors as being ill-founded. This article discusses Marx’s account of technical progress in light of these criticisms on a conceptual, theoretical, and empirical level, relying on the apparatus of wage curves. It argues that some of the critiques cannot be sustained, since the criticized positions cannot be attributed to Marx. The remaining critiques, in turn, amount to alternative predictions on the evolution of wage curves which are, however, and in contrast to those of Marx, not in line with empirical evidence, as the estimation of wage curves for thirteen countries from 2000 to 2013 shows. JEL Classification: B14, B24, O33
{"title":"A Discussion of Marx’s Account of Technical Progress by Means of Wage Curves and Their Historical Evolution","authors":"Michael Gaul","doi":"10.1177/04866134231188585","DOIUrl":"https://doi.org/10.1177/04866134231188585","url":null,"abstract":"Marx’s account of technical progress has been criticized by philosophers as being a metanarrative, by ecological economists as being unduly strong, by economists as being unduly weak, and by post-Sraffian authors as being ill-founded. This article discusses Marx’s account of technical progress in light of these criticisms on a conceptual, theoretical, and empirical level, relying on the apparatus of wage curves. It argues that some of the critiques cannot be sustained, since the criticized positions cannot be attributed to Marx. The remaining critiques, in turn, amount to alternative predictions on the evolution of wage curves which are, however, and in contrast to those of Marx, not in line with empirical evidence, as the estimation of wage curves for thirteen countries from 2000 to 2013 shows. JEL Classification: B14, B24, O33","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136155239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-18DOI: 10.1177/04866134231195390
Luke Petach, Anastasia Wilson
We examine the rise of “Guard Labor”—defined as occupations devoted to labor extraction—at the commuting zone level in the United States. Between 1950 and 2017 the share of the labor force employed in guard labor increased from 19.5 percent to 29.4 percent. We explore the local labor market correlates of guard labor and validate several predictions of the labor discipline model, while extending the model to the context of contemporary racial capitalism. The share of the labor force employed in guard labor is positively correlated with the household income Gini coefficient, negatively correlated with the fraction of the labor force in a union, and positively correlated with contemporary measures of local racial animosity. Consistent with the labor discipline model, an increase in the share of the labor force employed in supervisory occupations has a significant negative effect on nonsupervisory wages. JEL Classification: O17, P16, Z13, B51, B52
{"title":"The Rise of Guard Labor in the United States: Evidence from Local Labor Markets","authors":"Luke Petach, Anastasia Wilson","doi":"10.1177/04866134231195390","DOIUrl":"https://doi.org/10.1177/04866134231195390","url":null,"abstract":"We examine the rise of “Guard Labor”—defined as occupations devoted to labor extraction—at the commuting zone level in the United States. Between 1950 and 2017 the share of the labor force employed in guard labor increased from 19.5 percent to 29.4 percent. We explore the local labor market correlates of guard labor and validate several predictions of the labor discipline model, while extending the model to the context of contemporary racial capitalism. The share of the labor force employed in guard labor is positively correlated with the household income Gini coefficient, negatively correlated with the fraction of the labor force in a union, and positively correlated with contemporary measures of local racial animosity. Consistent with the labor discipline model, an increase in the share of the labor force employed in supervisory occupations has a significant negative effect on nonsupervisory wages. JEL Classification: O17, P16, Z13, B51, B52","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"174 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135206086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-18DOI: 10.1177/04866134231197671
Clair Quentin
A production boundary consistent with Marx’s theory of value may be drawn around labor that is quantitatively predicated by output at the point of exchange, as opposed to being merely causally predicated. The key difference between that production boundary and received Marxist doctrine on unproductive labor is that all other labor is excluded, rather than only such other labor that also falls to be treated as forming part of the “sphere of circulation.” Alternatively put, both sides of the “smile curve” are unproductive of value, rather than just the right-hand side. This conclusion substantiates the analytical nexus as between material production and global inequality to be found in critical global value chain literature. JEL Classification: B51, D43, D46, F66, O34
{"title":"Unproductive Labor and the Smile Curve","authors":"Clair Quentin","doi":"10.1177/04866134231197671","DOIUrl":"https://doi.org/10.1177/04866134231197671","url":null,"abstract":"A production boundary consistent with Marx’s theory of value may be drawn around labor that is quantitatively predicated by output at the point of exchange, as opposed to being merely causally predicated. The key difference between that production boundary and received Marxist doctrine on unproductive labor is that all other labor is excluded, rather than only such other labor that also falls to be treated as forming part of the “sphere of circulation.” Alternatively put, both sides of the “smile curve” are unproductive of value, rather than just the right-hand side. This conclusion substantiates the analytical nexus as between material production and global inequality to be found in critical global value chain literature. JEL Classification: B51, D43, D46, F66, O34","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135205958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-14DOI: 10.1177/04866134231197449
Devin T. Rafferty
The international monetary system currently suffers from three structural flaws that disproportionately affect developing nations: an asymmetric balance of payments adjustment mechanism, the Triffin Paradox, and an inequity bias against developing nations. Thus, as currently constituted, this global monetary framework is biased against the development prospects of developing nations and is antagonistic to their development efforts. However, the author’s contention is that developing countries can use a Job Guarantee (JG) to address these shortcomings because it offers five significant international macroeconomic benefits that involve presenting developing nations with an enhanced degree of domestic policy options, altering how global liquidity is provisioned and the need for acquiring it, and inciting a direct challenge to the neoliberal conventional wisdom of global political economy. As a result, developing nations can use a JG as a cornerstone in any development strategy that seeks to sustainably mobilize underemployed labor resources and increase productive capacity and utilization rates while remaining free of the structural constraints imposed by the international monetary system. JEL Classification: B52, O11, F40
{"title":"The International Monetary System’s Structural Flaws, a Process of Economic Development, and the Job Guarantee","authors":"Devin T. Rafferty","doi":"10.1177/04866134231197449","DOIUrl":"https://doi.org/10.1177/04866134231197449","url":null,"abstract":"The international monetary system currently suffers from three structural flaws that disproportionately affect developing nations: an asymmetric balance of payments adjustment mechanism, the Triffin Paradox, and an inequity bias against developing nations. Thus, as currently constituted, this global monetary framework is biased against the development prospects of developing nations and is antagonistic to their development efforts. However, the author’s contention is that developing countries can use a Job Guarantee (JG) to address these shortcomings because it offers five significant international macroeconomic benefits that involve presenting developing nations with an enhanced degree of domestic policy options, altering how global liquidity is provisioned and the need for acquiring it, and inciting a direct challenge to the neoliberal conventional wisdom of global political economy. As a result, developing nations can use a JG as a cornerstone in any development strategy that seeks to sustainably mobilize underemployed labor resources and increase productive capacity and utilization rates while remaining free of the structural constraints imposed by the international monetary system. JEL Classification: B52, O11, F40","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134913038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-14DOI: 10.1177/04866134231195893
Raford Boddy
Was Keynes trying to save capitalism or create “Liberal Socialism”? Jim Crotty’s unique approach to this long-standing question makes his work an outstanding contribution to heterodox macro policy. Tracing Keynes’s policy positions from World War I to Keynes’s death in 1946, Jim combines rich historical detail with Keynes’s insistence that the realism of assumptions affects the truth content of hypotheses. Jim’s book can serve as a guide to policy positions to sustain full employment through the socialization of investment under conditions of class struggle. Contrary to the position that Keynes denied class conflict, there is no fundamental contradiction between Marx’s assumption of class conflict and Keynes’s policy positions in support of full employment through the socialization of investment. JEL Classification: E6, E11, E12
{"title":"The Relevance of Jim Crotty’s <i>Keynes Against Capitalism</i> to Solving Macro-economic Problems under Conditions of Class Conflict","authors":"Raford Boddy","doi":"10.1177/04866134231195893","DOIUrl":"https://doi.org/10.1177/04866134231195893","url":null,"abstract":"Was Keynes trying to save capitalism or create “Liberal Socialism”? Jim Crotty’s unique approach to this long-standing question makes his work an outstanding contribution to heterodox macro policy. Tracing Keynes’s policy positions from World War I to Keynes’s death in 1946, Jim combines rich historical detail with Keynes’s insistence that the realism of assumptions affects the truth content of hypotheses. Jim’s book can serve as a guide to policy positions to sustain full employment through the socialization of investment under conditions of class struggle. Contrary to the position that Keynes denied class conflict, there is no fundamental contradiction between Marx’s assumption of class conflict and Keynes’s policy positions in support of full employment through the socialization of investment. JEL Classification: E6, E11, E12","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134911843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-14DOI: 10.1177/04866134231197450
Ozancan Bozkurt
{"title":"Book Review: The New Political Economy of Disability: Transnational Networks and Individualized Funding in the Age of Neoliberalism","authors":"Ozancan Bozkurt","doi":"10.1177/04866134231197450","DOIUrl":"https://doi.org/10.1177/04866134231197450","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134911986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-14DOI: 10.1177/04866134231196385
Michael Keaney
{"title":"Book Review: Capital Wars: The Rise of Global Liquidity","authors":"Michael Keaney","doi":"10.1177/04866134231196385","DOIUrl":"https://doi.org/10.1177/04866134231196385","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"214 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134911999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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