Pub Date : 2023-03-13DOI: 10.1007/s00191-023-00812-y
Daniele Tori, Eugenio Caverzasi, Mauro Gallegati
The causes of the 2007-8 subprime crisis continue to be the subject of much debate, with explanations ranging from de-regulation and fraudulent behavior to global imbalances and rising inequality. However, a comprehensive analysis of the endogenous forces that made the crisis inevitable has yet to be presented. This paper offers a 'structural' interpretation of the crisis by synthesising insights from conventional financial economics and the Minskyian and Schumpeterian literature. While highlighting the innovative character of US financial firms evolving from credit providers to producers of financial commodities, we stress the key features of their path towards financial fragility. We contend that financial institutions were able to achieve progressively unsustainable positions due to the 'enforced indebtedness' of US households, which played a functional, albeit secondary, role in the development of the crisis.
{"title":"Financial production and the subprime mortgage crisis.","authors":"Daniele Tori, Eugenio Caverzasi, Mauro Gallegati","doi":"10.1007/s00191-023-00812-y","DOIUrl":"10.1007/s00191-023-00812-y","url":null,"abstract":"<p><p>The causes of the 2007-8 subprime crisis continue to be the subject of much debate, with explanations ranging from de-regulation and fraudulent behavior to global imbalances and rising inequality. However, a comprehensive analysis of the endogenous forces that made the crisis inevitable has yet to be presented. This paper offers a 'structural' interpretation of the crisis by synthesising insights from conventional financial economics and the Minskyian and Schumpeterian literature. While highlighting the innovative character of US financial firms evolving from credit providers to <i>producers</i> of financial commodities, we stress the key features of their path towards financial fragility. We contend that financial institutions were able to achieve progressively unsustainable positions due to the 'enforced indebtedness' of US households, which played a functional, albeit secondary, role in the development of the crisis.</p>","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":" ","pages":"1-31"},"PeriodicalIF":1.8,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10009346/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9680227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-11DOI: 10.1007/s00191-023-00810-0
Z. Babutsidze, Ann-Kathrin Blankenberg, Andreas Chai
{"title":"The effect of traditional media consumption and internet use on environmental attitudes in Europe","authors":"Z. Babutsidze, Ann-Kathrin Blankenberg, Andreas Chai","doi":"10.1007/s00191-023-00810-0","DOIUrl":"https://doi.org/10.1007/s00191-023-00810-0","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":"33 1","pages":"309 - 340"},"PeriodicalIF":1.8,"publicationDate":"2023-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41631389","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 : 2023-02-28DOI: 10.1007/s00191-023-00811-z
Muge Ozman, Andrew Parker
{"title":"The effect of social networks, organizational coordination structures, and knowledge heterogeneity on knowledge transfer and aggregation","authors":"Muge Ozman, Andrew Parker","doi":"10.1007/s00191-023-00811-z","DOIUrl":"https://doi.org/10.1007/s00191-023-00811-z","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":"1 1","pages":"1-30"},"PeriodicalIF":1.8,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42935126","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 : 2023-02-24DOI: 10.1007/s00191-023-00808-8
Thibault Schrepel, N. Petit
{"title":"Complexity-minded antitrust","authors":"Thibault Schrepel, N. Petit","doi":"10.1007/s00191-023-00808-8","DOIUrl":"https://doi.org/10.1007/s00191-023-00808-8","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":" ","pages":"1-30"},"PeriodicalIF":1.8,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44779191","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 : 2023-02-17DOI: 10.1007/s00191-023-00809-7
Francesco Carbonero, Jeremy Davies, Ekkehard Ernst, Frank M Fossen, Daniel Samaan, Alina Sorgner
AI is transforming labor markets around the world. Existing research has focused on advanced economies but has neglected developing economies. Different impacts of AI on labor markets in different countries arise not only from heterogeneous occupational structures, but also from the fact that occupations vary across countries in their composition of tasks. We propose a new methodology to translate existing measures of AI impacts that were developed for the US to countries at various levels of economic development. Our method assesses semantic similarities between textual descriptions of work activities in the US and workers' skills elicited in surveys for other countries. We implement the approach using the measure of suitability of work activities for machine learning provided by Brynjolfsson et al. (Am Econ Assoc Pap Proc 108:43-47, 2018) for the US and the World Bank's STEP survey for Lao PDR and Viet Nam. Our approach allows characterizing the extent to which workers and occupations in a given country are subject to destructive digitalization, which puts workers at risk of being displaced, in contrast to transformative digitalization, which tends to benefit workers. We find that workers in urban Viet Nam, in comparison to Lao PDR, are more concentrated in occupations affected by AI, which requires them to adapt or puts them at risk of being partially displaced. Our method based on semantic textual similarities using SBERT is advantageous compared to approaches transferring AI impact scores across countries using crosswalks of occupational codes.
{"title":"The impact of artificial intelligence on labor markets in developing countries: a new method with an illustration for Lao PDR and urban Viet Nam.","authors":"Francesco Carbonero, Jeremy Davies, Ekkehard Ernst, Frank M Fossen, Daniel Samaan, Alina Sorgner","doi":"10.1007/s00191-023-00809-7","DOIUrl":"10.1007/s00191-023-00809-7","url":null,"abstract":"<p><p>AI is transforming labor markets around the world. Existing research has focused on advanced economies but has neglected developing economies. Different impacts of AI on labor markets in different countries arise not only from heterogeneous occupational structures, but also from the fact that occupations vary across countries in their composition of tasks. We propose a new methodology to translate existing measures of AI impacts that were developed for the US to countries at various levels of economic development. Our method assesses semantic similarities between textual descriptions of work activities in the US and workers' skills elicited in surveys for other countries. We implement the approach using the measure of suitability of work activities for machine learning provided by Brynjolfsson et al. (Am Econ Assoc Pap Proc 108:43-47, 2018) for the US and the World Bank's STEP survey for Lao PDR and Viet Nam. Our approach allows characterizing the extent to which workers and occupations in a given country are subject to destructive digitalization, which puts workers at risk of being displaced, in contrast to transformative digitalization, which tends to benefit workers. We find that workers in urban Viet Nam, in comparison to Lao PDR, are more concentrated in occupations affected by AI, which requires them to adapt or puts them at risk of being partially displaced. Our method based on semantic textual similarities using SBERT is advantageous compared to approaches transferring AI impact scores across countries using crosswalks of occupational codes.</p>","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":" ","pages":"1-30"},"PeriodicalIF":1.8,"publicationDate":"2023-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9936490/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10764099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-14DOI: 10.1007/s00191-022-00806-2
Segundo Camino‐Mogro, Natalia Bermúdez-Barrezueta, Mary Armijos
{"title":"Is FDI a potential tool for boosting firm’s performance? Firm level evidence from Ecuador","authors":"Segundo Camino‐Mogro, Natalia Bermúdez-Barrezueta, Mary Armijos","doi":"10.1007/s00191-022-00806-2","DOIUrl":"https://doi.org/10.1007/s00191-022-00806-2","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":"1 1","pages":"1-51"},"PeriodicalIF":1.8,"publicationDate":"2023-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47110123","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 : 2023-01-11DOI: 10.1007/s00191-022-00807-1
Lalit Manral, K. R. Harrigan
{"title":"Geographic fragmentation and declining dominance: Yet another story of AT&T’s decline in the post-divestiture era","authors":"Lalit Manral, K. R. Harrigan","doi":"10.1007/s00191-022-00807-1","DOIUrl":"https://doi.org/10.1007/s00191-022-00807-1","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":"1 1","pages":"1-40"},"PeriodicalIF":1.8,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43612227","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 : 2023-01-07DOI: 10.1007/s00191-022-00805-3
L. Rolim, C. Baltar, Gilberto Tadeu Lima
{"title":"Income distribution, productivity growth, and workers’ bargaining power in an agent-based macroeconomic model","authors":"L. Rolim, C. Baltar, Gilberto Tadeu Lima","doi":"10.1007/s00191-022-00805-3","DOIUrl":"https://doi.org/10.1007/s00191-022-00805-3","url":null,"abstract":"","PeriodicalId":47757,"journal":{"name":"Journal of Evolutionary Economics","volume":"1 1","pages":"1-44"},"PeriodicalIF":1.8,"publicationDate":"2023-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48198904","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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