Pub Date : 2023-09-28DOI: 10.1080/01603477.2023.2251963
Camilo Andrés Guevara Castañeda
AbstractThis article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity. These are two conceptions of social policy. Equality of opportunity distinguishes between poor and non-poor, and state intervention is focused on poor people. This mode of intervention promotes individuals’ improvements in human capital, assuming that the poor can reach the position they want through a competitive process. In contrast, the idea of equality of place is intertwined with the concept of decommodification and supply-side subsidies. It envisions a scenario in which markets might not ensure that people can access fundamental rights. Consequently, it suggests an alternate role for state intervention. Because some heterodox and post-Keynesian authors have identified with the principle of equality of opportunity, it is important to clarify the nature of the relationship between social policy and post-Keynesian economics. The principle of equality of place can provide a framework of social policy that is consistent with the tenets of the post-Keynesian tradition.Keywords: Post-Keynesian economicssocial policysocial justiceequality of opportunityequality of place Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 In his article, “The economics of discrimination,” Becker (Citation2010) said that discrimination should disappear because competitive market forces are incompatible with discrimination.2 For example, Post-Keynesian Richard Holt, highlighting the importance of Sen's work for Post-Keynesian economics, argues that “Sen's writings go beyond economic growth and extend to the goals of development by incorporating human capabilities. Sen's work on welfare as capabilities has led to a variety of new applications in public policy in improving lives in developing countries” (Holt Citation2016, 375). I will discuss some of these policies implemented in developing countries later.3 For Post-Keynesian Marc Lavoie, Amartya Sen is an orthodox dissenter (Lavoie Citation2022). For a definition of an orthodox dissenter, see Rochon and Rossi (Citation2023).4 It is important to clarify that Sen's welfare theory is critical of neoclassical welfare economics. See, for example, Sen (Citation1970).5 The 8-h working day, the right to maternity and paternity leave, the right to vacation, the right to pension, and unemployment insurance, among others.6 For example, starting in 2014, the Colombian government created the “Ser Pilo Paga” program to promote higher education for poor people. If poor young people do well on standardized achievement tests, they are eligible to study at the top universities of their choice. Later, the program was modified because many students were leaving universities. Now, the program is called “Generation E,” but
摘要本文表明,后凯恩斯主义经济学与地位平等的主张联系更紧密,而不是机会平等的主张。更确切地说,它主张利用地位平等作为实现机会平等的手段。这是社会政策的两个概念。机会平等区分了穷人和非穷人,国家干预的重点是穷人。这种干预模式促进了个人在人力资本方面的改善,假设穷人可以通过竞争过程达到他们想要的地位。相比之下,地方平等的概念与去改造和供给侧补贴的概念交织在一起。它设想了一种情况,在这种情况下,市场可能无法确保人们能够获得基本权利。因此,它提出了国家干预的另一种作用。由于一些非正统和后凯恩斯主义的作者认同机会平等原则,因此澄清社会政策与后凯恩斯主义经济学之间关系的本质是很重要的。地位平等原则可以提供一个与后凯恩斯主义传统原则相一致的社会政策框架。关键词:后凯恩斯经济学社会政策社会公正机会质量场所质量披露声明作者未报告潜在利益冲突。注1:Becker (Citation2010)在他的文章“The economics of discrimination”中说,歧视应该消失,因为竞争性的市场力量与歧视是不相容的例如,后凯恩斯主义的理查德·霍尔特(Richard Holt)强调了森的工作对后凯恩斯主义经济学的重要性,他认为“森的著作超越了经济增长,并通过纳入人类能力扩展到发展目标。”Sen关于福利作为能力的研究已经在改善发展中国家生活的公共政策中带来了各种新的应用”(Holt Citation2016, 375)。我稍后将讨论一些在发展中国家实施的这些政策对于后凯恩斯主义的马克·拉沃伊来说,阿马蒂亚·森是一个正统的反对者(拉沃伊引文2022)。关于正统反对者的定义,见Rochon和Rossi (Citation2023)有必要澄清的是,森的福利理论是对新古典福利经济学的批判。例如,参见Sen (Citation1970)5 .八小时工作制、产假和陪产假的权利、休假的权利、领取养老金和失业保险的权利等例如,从2014年开始,哥伦比亚政府创建了“Ser Pilo Paga”项目,以促进穷人接受高等教育。如果贫穷的年轻人在标准化成绩测试中表现良好,他们就有资格进入自己选择的顶尖大学学习。后来,由于许多学生离开大学,该计划被修改。现在,这个项目被称为“E一代”,但它仍然使用代金券制度有条件现金援助的例子包括巴西的Bolsa Familia计划、哥伦比亚的Familias en Acción计划、秘鲁的Juntos计划、墨西哥的Prospera计划和厄瓜多尔的Bono de Desarrollo Humano计划等当签订合同的一方提供误导性信息或有动机改变自己的行为时,就会出现“道德风险”情况。另一方面,“逆向选择”问题是指市场卖家比买家拥有更多关于他们正在销售的产品的某些方面的信息的情况(斯蒂格利茨和罗森加德引文2015)退休基金管理人(AFP)是一家管理和投资雇员退休储蓄账户中的退休基金的公司由于衡量贫穷的方法发生了各种变化,一些拉丁美洲国家减少了被列为生活在贫穷中的人数。方法上的矛盾包括如何衡量收入或其他维度,多维贫困中变量的权重,以及奥尔尚斯基系数(与非食品商品和服务的成本有关)的衡量。
{"title":"Post-Keynesian economics and social policy: equality of opportunity or equality of place?","authors":"Camilo Andrés Guevara Castañeda","doi":"10.1080/01603477.2023.2251963","DOIUrl":"https://doi.org/10.1080/01603477.2023.2251963","url":null,"abstract":"AbstractThis article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity. These are two conceptions of social policy. Equality of opportunity distinguishes between poor and non-poor, and state intervention is focused on poor people. This mode of intervention promotes individuals’ improvements in human capital, assuming that the poor can reach the position they want through a competitive process. In contrast, the idea of equality of place is intertwined with the concept of decommodification and supply-side subsidies. It envisions a scenario in which markets might not ensure that people can access fundamental rights. Consequently, it suggests an alternate role for state intervention. Because some heterodox and post-Keynesian authors have identified with the principle of equality of opportunity, it is important to clarify the nature of the relationship between social policy and post-Keynesian economics. The principle of equality of place can provide a framework of social policy that is consistent with the tenets of the post-Keynesian tradition.Keywords: Post-Keynesian economicssocial policysocial justiceequality of opportunityequality of place Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 In his article, “The economics of discrimination,” Becker (Citation2010) said that discrimination should disappear because competitive market forces are incompatible with discrimination.2 For example, Post-Keynesian Richard Holt, highlighting the importance of Sen's work for Post-Keynesian economics, argues that “Sen's writings go beyond economic growth and extend to the goals of development by incorporating human capabilities. Sen's work on welfare as capabilities has led to a variety of new applications in public policy in improving lives in developing countries” (Holt Citation2016, 375). I will discuss some of these policies implemented in developing countries later.3 For Post-Keynesian Marc Lavoie, Amartya Sen is an orthodox dissenter (Lavoie Citation2022). For a definition of an orthodox dissenter, see Rochon and Rossi (Citation2023).4 It is important to clarify that Sen's welfare theory is critical of neoclassical welfare economics. See, for example, Sen (Citation1970).5 The 8-h working day, the right to maternity and paternity leave, the right to vacation, the right to pension, and unemployment insurance, among others.6 For example, starting in 2014, the Colombian government created the “Ser Pilo Paga” program to promote higher education for poor people. If poor young people do well on standardized achievement tests, they are eligible to study at the top universities of their choice. Later, the program was modified because many students were leaving universities. Now, the program is called “Generation E,” but","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135386047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.1080/01603477.2023.2254504
Zdravka K. Todorova
,
,
{"title":"Social processes of oppression in the stratified economy and Veblenian feminist post Keynesian connections","authors":"Zdravka K. Todorova","doi":"10.1080/01603477.2023.2254504","DOIUrl":"https://doi.org/10.1080/01603477.2023.2254504","url":null,"abstract":",","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43562008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.1080/01603477.2023.2251464
Thomas R. Michl
Abstract
摘要
{"title":"Inflation stabilization and normal utilization","authors":"Thomas R. Michl","doi":"10.1080/01603477.2023.2251464","DOIUrl":"https://doi.org/10.1080/01603477.2023.2251464","url":null,"abstract":"Abstract","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42378980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-07DOI: 10.1080/01603477.2023.2240761
Nicolas Hernán Zeolla, Juan E. Santarcángelo
{"title":"Financialization, financial assets and productive investment in Latin America: evidence from large public listed companies 1995–2015","authors":"Nicolas Hernán Zeolla, Juan E. Santarcángelo","doi":"10.1080/01603477.2023.2240761","DOIUrl":"https://doi.org/10.1080/01603477.2023.2240761","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42981377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-04DOI: 10.1080/01603477.2023.2242346
A. Borsato
{"title":"Does the Secular Stagnation hypothesis match the data? Evidence from the USA","authors":"A. Borsato","doi":"10.1080/01603477.2023.2242346","DOIUrl":"https://doi.org/10.1080/01603477.2023.2242346","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44787961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-01DOI: 10.1080/01603477.2023.2236533
Published in Journal of Post Keynesian Economics (Vol. 46, No. 3, 2023)
发表于《后凯恩斯主义经济学杂志》2023年第46卷第3期
{"title":"Editors’ Corner","authors":"","doi":"10.1080/01603477.2023.2236533","DOIUrl":"https://doi.org/10.1080/01603477.2023.2236533","url":null,"abstract":"Published in Journal of Post Keynesian Economics (Vol. 46, No. 3, 2023)","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/01603477.2023.2229302
C. Kerstenetzky, Marcio Alvarenga Junior, Lucas Costa, R. Bielschowsky
{"title":"Public social services and sustainable development: estimating opportunities in the global south","authors":"C. Kerstenetzky, Marcio Alvarenga Junior, Lucas Costa, R. Bielschowsky","doi":"10.1080/01603477.2023.2229302","DOIUrl":"https://doi.org/10.1080/01603477.2023.2229302","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42136548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/01603477.2023.2222705
Peter E. Earl
Abstract This paper offers a constructively critical examination of George Shackle’s theory of expectations and decision-making under uncertainty, a theory that Shackle developed because he questioned the relevance of objective probabilities as foundations for expectations. His theory is cast in terms of degrees of possibility and potential for surprise associated with disbelief that comes from imagining things that could prevent outcomes from eventuating. His idea that there may be ranges of mutually exclusive “perfectly possible” events has posed a problem for blending his thinking with the subjective probability approach, but here it is argued that this idea is flawed. Shackle’s theory of how expectations are deployed in making choices involves a reference-dependent theory of attention that results in focus on best-case and worst-case pairs of outcomes for each scheme. The paper identifies potential synergies with this idea and prospect theory and explores emotion- and satisficing-based perspectives as well as Shackle’s formal analysis of how focus outcomes are used in ranking rival schemes of action.
{"title":"Shackle’s analysis of choice under uncertainty: its strengths, weaknesses and potential synergies with rival approaches","authors":"Peter E. Earl","doi":"10.1080/01603477.2023.2222705","DOIUrl":"https://doi.org/10.1080/01603477.2023.2222705","url":null,"abstract":"Abstract This paper offers a constructively critical examination of George Shackle’s theory of expectations and decision-making under uncertainty, a theory that Shackle developed because he questioned the relevance of objective probabilities as foundations for expectations. His theory is cast in terms of degrees of possibility and potential for surprise associated with disbelief that comes from imagining things that could prevent outcomes from eventuating. His idea that there may be ranges of mutually exclusive “perfectly possible” events has posed a problem for blending his thinking with the subjective probability approach, but here it is argued that this idea is flawed. Shackle’s theory of how expectations are deployed in making choices involves a reference-dependent theory of attention that results in focus on best-case and worst-case pairs of outcomes for each scheme. The paper identifies potential synergies with this idea and prospect theory and explores emotion- and satisficing-based perspectives as well as Shackle’s formal analysis of how focus outcomes are used in ranking rival schemes of action.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46142143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/01603477.2023.2224029
A. Carabelli
Abstract There has been great confusion on Keynes’s notions of probability and uncertainty in recent years. Keynes believes that probability (his logical probability) is the guide of life, i.e., it is having some reasons to believe and to act. So probability is a theory of reasonable partial belief and a logic of non-demonstrative reasoning, upon which decision and action in conditions of limited knowledge, are based. (His) probability is, for Keynes, a positive, constructive, and forward-looking element of life. Limited knowledge is not a bar to decision and action. According to him, (his) probability helps us in almost all ordinary situations of life. This is the main reason why Keynes believes that ignorance and uncertainty are the two most difficult issues to tackle in life and in economics in particular. Both are related to a lack of limited knowledge. Ignorance is a lack of known reasons; Keynes writes we do not know. Keynes’s uncertainty is a much more intriguing concept than mere ignorance. Uncertainty is due to various reasons, one of them is the intrinsic incommensurability of probabilities. So, uncertainty is related to Keynes’s philosophy of measurement, a philosophy that also pervades his complex economics.
{"title":"On Keynes’s probability and uncertainty","authors":"A. Carabelli","doi":"10.1080/01603477.2023.2224029","DOIUrl":"https://doi.org/10.1080/01603477.2023.2224029","url":null,"abstract":"Abstract There has been great confusion on Keynes’s notions of probability and uncertainty in recent years. Keynes believes that probability (his logical probability) is the guide of life, i.e., it is having some reasons to believe and to act. So probability is a theory of reasonable partial belief and a logic of non-demonstrative reasoning, upon which decision and action in conditions of limited knowledge, are based. (His) probability is, for Keynes, a positive, constructive, and forward-looking element of life. Limited knowledge is not a bar to decision and action. According to him, (his) probability helps us in almost all ordinary situations of life. This is the main reason why Keynes believes that ignorance and uncertainty are the two most difficult issues to tackle in life and in economics in particular. Both are related to a lack of limited knowledge. Ignorance is a lack of known reasons; Keynes writes we do not know. Keynes’s uncertainty is a much more intriguing concept than mere ignorance. Uncertainty is due to various reasons, one of them is the intrinsic incommensurability of probabilities. So, uncertainty is related to Keynes’s philosophy of measurement, a philosophy that also pervades his complex economics.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42797946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/01603477.2023.2222721
David Dequech
Abstract This article comments on Donald Katzner’s “The Problem with Probability.” Professor Katzner criticizes any approach that uses probability to deal with “Knightian uncertainty.” The present article attempts to promote and improve the dialogue between proponents of different approaches to uncertainty and probability, as well as between different proponents of Post Keynesian economics. In this regard, this article highlights (a) the difference between Knightian risk and Savage’s uncertainty, (b) the acceptance into mainstream economics of approaches that go beyond both, (c) the fact that Keynes’s writings of the mid-1930s combined uncertainty with probability and weight in crucial parts of his theory, and (d) some comments on Shackle by authors in the Keynes literature. This article also intends to provide food for thought, hopefully stimulating Professor Katzner and other sympathizers of Shackle’s conception of uncertainty to reconsider the statement or the implication that uncertainty of the strongest type relevant in economic reality is synonymous with complete ignorance about the future.
{"title":"Types of uncertainty and probability: some remarks","authors":"David Dequech","doi":"10.1080/01603477.2023.2222721","DOIUrl":"https://doi.org/10.1080/01603477.2023.2222721","url":null,"abstract":"Abstract This article comments on Donald Katzner’s “The Problem with Probability.” Professor Katzner criticizes any approach that uses probability to deal with “Knightian uncertainty.” The present article attempts to promote and improve the dialogue between proponents of different approaches to uncertainty and probability, as well as between different proponents of Post Keynesian economics. In this regard, this article highlights (a) the difference between Knightian risk and Savage’s uncertainty, (b) the acceptance into mainstream economics of approaches that go beyond both, (c) the fact that Keynes’s writings of the mid-1930s combined uncertainty with probability and weight in crucial parts of his theory, and (d) some comments on Shackle by authors in the Keynes literature. This article also intends to provide food for thought, hopefully stimulating Professor Katzner and other sympathizers of Shackle’s conception of uncertainty to reconsider the statement or the implication that uncertainty of the strongest type relevant in economic reality is synonymous with complete ignorance about the future.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41923257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}