Luis Varona, Jorge R Gonzales, Benjamín García, Laura Gismera
Thirlwall Model shows evidence in Latin American countries, as well as for the Peruvian economy, with an economic growth rate of balance of payments equilibrium, which is explained by causal variables that present a long-term cointegration relationship. These variables are exports with little added value, imports that reinforce technological dependence, external income, relative prices or the real exchange rate, the institutions, and the volatility of exports. Investment policies are prescribed in innovative, physical, financial, natural, and social human capital that tend to reduce the restriction of foreign exchange, technological dependence and the international market. Therefore, endogenous, dynamic, sustained, inclusive economic growth is generated, low in carbon as a means for sustainable human development, within the framework of a new growth and development strategy that involves balancing the participation of the market, state and civil society.
{"title":"Economic growth and the foreign sector: Peru 1821–2020","authors":"Luis Varona, Jorge R Gonzales, Benjamín García, Laura Gismera","doi":"10.1093/cje/beae019","DOIUrl":"https://doi.org/10.1093/cje/beae019","url":null,"abstract":"Thirlwall Model shows evidence in Latin American countries, as well as for the Peruvian economy, with an economic growth rate of balance of payments equilibrium, which is explained by causal variables that present a long-term cointegration relationship. These variables are exports with little added value, imports that reinforce technological dependence, external income, relative prices or the real exchange rate, the institutions, and the volatility of exports. Investment policies are prescribed in innovative, physical, financial, natural, and social human capital that tend to reduce the restriction of foreign exchange, technological dependence and the international market. Therefore, endogenous, dynamic, sustained, inclusive economic growth is generated, low in carbon as a means for sustainable human development, within the framework of a new growth and development strategy that involves balancing the participation of the market, state and civil society.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"24 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141784461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economics is frequently criticised for relying on a narrow and limited view of human beings. This may be particularly true of economic analyses of non-market decisions in which individuals often appear reduced to self-interested automata who maximise a given objective function. In this article, we show that the approach of one of the founders of public choice and constitutional political economy, James Buchanan, contradicts this view. Even though he assumed individuals were rational and self-interested, Buchanan nevertheless had a sophisticated view of human nature. He distinguished between a natural and artifactual man, but also between (what we term) symmetrical and asymmetrical man. This is not only important to demonstrate the richness of the ontology of an influential economist, but also because, we also show, Buchanan’s public choice and constitutional economics cannot be understood without a reference to this ontology.
{"title":"Asymmetrical, symmetrical and artifactual man: group size and cooperation in James Buchanan’s constitutional economics","authors":"Alain Marciano, John Meadowcroft","doi":"10.1093/cje/beae030","DOIUrl":"https://doi.org/10.1093/cje/beae030","url":null,"abstract":"Economics is frequently criticised for relying on a narrow and limited view of human beings. This may be particularly true of economic analyses of non-market decisions in which individuals often appear reduced to self-interested automata who maximise a given objective function. In this article, we show that the approach of one of the founders of public choice and constitutional political economy, James Buchanan, contradicts this view. Even though he assumed individuals were rational and self-interested, Buchanan nevertheless had a sophisticated view of human nature. He distinguished between a natural and artifactual man, but also between (what we term) symmetrical and asymmetrical man. This is not only important to demonstrate the richness of the ontology of an influential economist, but also because, we also show, Buchanan’s public choice and constitutional economics cannot be understood without a reference to this ontology.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"47 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141784683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Horizontal, multilateral and polycentric forms of governance, albeit important in reality, represent a challenge for the now dominant use of the ‘market and hierarchy’ continuum of structural alternatives. This paper proposes a broader characterisation of both poles of the continuum of governance forms that would enhance the understanding of both intra- and inter-organisational governance. One side of the continuum would encompass examples of ‘societas’, for example, legal entities (among which firms) unifying property rights and deliberately coordinating actions through a wide set of voice-based mechanisms, including non-hierarchical ones. The other side of the continuum would encompass ‘polyarchies’, that is, forms of decentralised coordination among nodes deciding autonomously, but not necessarily linked by transactions of goods and services coordinated by prices, such as market exchanges. This paper uses several cases from the agri-food sector to show that many ‘strange’ unclassified forms can be described, explained and assessed as hybrids between polyarchy and societas. The final section of the paper proposes some refinements in the independent variables to be used in the comparative assessment of organisation forms and new propositions that can be derived for future research.
{"title":"Polyarchy and societas: an extended continuum of discrete structural alternatives","authors":"Anna Grandori, Bruno Varella Miranda","doi":"10.1093/cje/beae025","DOIUrl":"https://doi.org/10.1093/cje/beae025","url":null,"abstract":"Horizontal, multilateral and polycentric forms of governance, albeit important in reality, represent a challenge for the now dominant use of the ‘market and hierarchy’ continuum of structural alternatives. This paper proposes a broader characterisation of both poles of the continuum of governance forms that would enhance the understanding of both intra- and inter-organisational governance. One side of the continuum would encompass examples of ‘societas’, for example, legal entities (among which firms) unifying property rights and deliberately coordinating actions through a wide set of voice-based mechanisms, including non-hierarchical ones. The other side of the continuum would encompass ‘polyarchies’, that is, forms of decentralised coordination among nodes deciding autonomously, but not necessarily linked by transactions of goods and services coordinated by prices, such as market exchanges. This paper uses several cases from the agri-food sector to show that many ‘strange’ unclassified forms can be described, explained and assessed as hybrids between polyarchy and societas. The final section of the paper proposes some refinements in the independent variables to be used in the comparative assessment of organisation forms and new propositions that can be derived for future research.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"17 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Personnel economics has undoubtedly been one of the major developments in mainstream labour economics in recent decades. Its aim is not simply to report on firms’ actual labour management practices but also to prescribe the optimal practices for managers to adopt. The pursuit of this goal has led it to close itself off from other approaches to the analysis of the employment relationship. Drawing on concepts from political science, we show that personnel economics is imbued with a particular conception of politics, even though it goes unacknowledged. Making this point visible enables us to show that other conceptions of politics than that to which personnel economics refers are possible and leads to the acknowledgement of the legitimacy of other points of view in matters of labour management.
{"title":"What politics does to the economic analysis of the employment relationship: a critical perspective on personnel economics","authors":"Franck Bailly, Benjamin Dubrion","doi":"10.1093/cje/beae024","DOIUrl":"https://doi.org/10.1093/cje/beae024","url":null,"abstract":"Personnel economics has undoubtedly been one of the major developments in mainstream labour economics in recent decades. Its aim is not simply to report on firms’ actual labour management practices but also to prescribe the optimal practices for managers to adopt. The pursuit of this goal has led it to close itself off from other approaches to the analysis of the employment relationship. Drawing on concepts from political science, we show that personnel economics is imbued with a particular conception of politics, even though it goes unacknowledged. Making this point visible enables us to show that other conceptions of politics than that to which personnel economics refers are possible and leads to the acknowledgement of the legitimacy of other points of view in matters of labour management.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"34 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141546778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The ‘History of Astronomy’ is fundamental to understanding Smith’s epistemology. The most problematic issue of this text is that Smith intended to analyse the history of astronomy according not to the principles of ‘truth’ that they embodied, but in terms of their logical coherence. However, he was also influenced by Newton’s realism. My thesis is that Smith had no doubts that external reality exists, but believed that it is necessarily filtered by our perceptions and our scientific beliefs. Perceptions and theories do not reflect objective reality as such but reconstruct it according to the procedures and constraints that characterise them. Two generally neglected Smithian sources, Copernicus and Berkeley and ‘Of the External Senses’ seem to legitimize this interpretation. At first sight, Fontenelle used the same arguments of Berkeley and Smith, but the difference is that Fontenelle was convinced that astronomical science is characterised by progress toward truth.
{"title":"Truth or coherence? How Adam Smith used philosophical sources to explain how paradigms change","authors":"Stefano Fiori","doi":"10.1093/cje/beae021","DOIUrl":"https://doi.org/10.1093/cje/beae021","url":null,"abstract":"The ‘History of Astronomy’ is fundamental to understanding Smith’s epistemology. The most problematic issue of this text is that Smith intended to analyse the history of astronomy according not to the principles of ‘truth’ that they embodied, but in terms of their logical coherence. However, he was also influenced by Newton’s realism. My thesis is that Smith had no doubts that external reality exists, but believed that it is necessarily filtered by our perceptions and our scientific beliefs. Perceptions and theories do not reflect objective reality as such but reconstruct it according to the procedures and constraints that characterise them. Two generally neglected Smithian sources, Copernicus and Berkeley and ‘Of the External Senses’ seem to legitimize this interpretation. At first sight, Fontenelle used the same arguments of Berkeley and Smith, but the difference is that Fontenelle was convinced that astronomical science is characterised by progress toward truth.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"33 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141546799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper contributes to the literature on ontology and the history of economic thought by examining the ontological commitments of Nobel Laureate Elinor Ostrom from the vantage point of recent work on social positioning theory (SPT). The comparison highlights important features of Ostrom’s thought on common-pool resources (CPRs), most notably her emphasis on social positions and the correlative nature of the rights and duties and the role of power and authority associated with them. In addition to highlighting similarities between Ostrom and SPT, the paper also identifies differences and possible gains from trade. It is argued that Ostrom’s approach could potentially be enhanced by following SPT in allowing for the social positioning of objects as well as people and that SPT might benefit from Ostrom’s ideas about the epistemic challenges involved in deliberate attempts at social positioning and the possibility of failures in social positioning such challenges might entail.
{"title":"Bloomington and Cambridge compared: varieties of ontological thinking, social positioning, and the self-governance of common-pool resources","authors":"Paul Lewis, Jochen Runde","doi":"10.1093/cje/beae018","DOIUrl":"https://doi.org/10.1093/cje/beae018","url":null,"abstract":"This paper contributes to the literature on ontology and the history of economic thought by examining the ontological commitments of Nobel Laureate Elinor Ostrom from the vantage point of recent work on social positioning theory (SPT). The comparison highlights important features of Ostrom’s thought on common-pool resources (CPRs), most notably her emphasis on social positions and the correlative nature of the rights and duties and the role of power and authority associated with them. In addition to highlighting similarities between Ostrom and SPT, the paper also identifies differences and possible gains from trade. It is argued that Ostrom’s approach could potentially be enhanced by following SPT in allowing for the social positioning of objects as well as people and that SPT might benefit from Ostrom’s ideas about the epistemic challenges involved in deliberate attempts at social positioning and the possibility of failures in social positioning such challenges might entail.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"37 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141196365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Peter Bofinger, Lisa Geißendörfer, Thomas Haas, Fabian Mayer
The nexus between the financial system and economic development is an issue that is as important for economic theory as it is for economic policy. This article provides a theoretical and empirical analysis of the standard literature that uses Joseph A. Schumpeter as an academic patron. The starting point of our study is the theoretical finding that Schumpeter is misinterpreted in the finance and growth literature. We show that this leads to puzzling empirical results and difficulties in explaining even fundamental relationships. After a critical analysis of the literature, we provide our own empirical analysis using a panel of 43 countries to explore the relationships between finance and growth variables based on a truly Schumpeterian and thus monetary growth model. Our empirical analysis shows that (i) dynamic credit variables are better at describing the finance and growth nexus than static credit variables, (ii) as saving is not a prerequisite for credit, we do not find a statistically significant relationship between household saving and gross domestic product (GDP) growth, and (iii) in line with the empirical literature, we find a bi-directional relationship between credit and GDP growth.
金融体系与经济发展之间的关系是一个对经济理论和经济政策同样重要的问题。本文对以约瑟夫-熊彼特（Joseph A. Schumpeter）为学术赞助人的标准文献进行了理论和实证分析。我们研究的出发点是一个理论发现，即熊彼特在金融和增长文献中被误读了。我们表明，这导致了令人费解的实证结果，甚至难以解释基本的关系。在对相关文献进行批判性分析之后，我们利用 43 个国家的面板数据进行了自己的实证分析，以一个真正的熊彼特货币增长模型为基础，探讨金融与增长变量之间的关系。我们的实证分析表明：(i) 动态信贷变量比静态信贷变量更能说明金融与增长之间的关系；(ii) 由于储蓄不是信贷的先决条件，我们没有发现家庭储蓄与国内生产总值（GDP）增长之间存在统计意义上的显著关系；(iii) 与实证文献一致，我们发现信贷与 GDP 增长之间存在双向关系。
{"title":"The finance and growth nexus revisited: a truly Schumpeterian perspective","authors":"Peter Bofinger, Lisa Geißendörfer, Thomas Haas, Fabian Mayer","doi":"10.1093/cje/beae014","DOIUrl":"https://doi.org/10.1093/cje/beae014","url":null,"abstract":"The nexus between the financial system and economic development is an issue that is as important for economic theory as it is for economic policy. This article provides a theoretical and empirical analysis of the standard literature that uses Joseph A. Schumpeter as an academic patron. The starting point of our study is the theoretical finding that Schumpeter is misinterpreted in the finance and growth literature. We show that this leads to puzzling empirical results and difficulties in explaining even fundamental relationships. After a critical analysis of the literature, we provide our own empirical analysis using a panel of 43 countries to explore the relationships between finance and growth variables based on a truly Schumpeterian and thus monetary growth model. Our empirical analysis shows that (i) dynamic credit variables are better at describing the finance and growth nexus than static credit variables, (ii) as saving is not a prerequisite for credit, we do not find a statistically significant relationship between household saving and gross domestic product (GDP) growth, and (iii) in line with the empirical literature, we find a bi-directional relationship between credit and GDP growth.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140800596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
William Thompson and, later, John Stuart Mill argued that women’s inferior position in society was a product of their environment and upbringing. As such, access to the franchise, and opportunities for education and employment would improve the welfare and position of women. Recognition of women’s reproductive roles led Thompson to argue that equality of outcome for women could not be achieved within the competitive framework and required a re-organisation of society into self-supporting co-operative communities in which women’s reproductive role would be valued and childcare and catering provided communally. While John Stuart Mill advocated access for women into all employments, he thought that a purely domestic role was consistent with women’s emancipation provided that role was freely chosen. Free choice was supported by better outside options but the bargaining power of women choosing the domestic route was not addressed by Mill. Mill supported co-operation but his favoured form involved co-operative ownership of firms operating within competitive markets. He believed that a society based on co-operation would foster favourable attitudes towards women’s emancipation and moral improvement more generally, but he saw no direct relationship between the development of co-operative enterprise and the status of women.
威廉-汤普森（William Thompson）以及后来的约翰-斯图亚特-米尔（John Stuart Mill）认为，妇女在社会中的劣势地位是其成长环境和教养的产物。因此，获得选举权以及教育和就业机会将改善妇女的福利和地位。对妇女生育作用的认识使汤普森认为，妇女的平等结果无法在竞争框架内实现，需要将社会重新组织成自给自足的合作社区，在这些社区中，妇女的生育作用将得到重视，并由社区提供儿童保育和餐饮服务。约翰-斯图亚特-密尔主张让妇女从事所有工作，但他认为，纯粹的家庭角色与妇女解放是一致的，只要这种角色是自由选择的。自由选择得到了更好的外部选择的支持，但选择家务劳动的妇女的讨价还价能力却没有得到密尔的关注。密尔支持合作，但他最喜欢的合作形式是在竞争性市场中企业的合作所有权。他认为，一个以合作为基础的社会将促进对妇女解放和更普遍的道德改善的积极态度，但他认为合作企业的发展与妇女地位之间没有直接关系。
{"title":"William Thompson and John Stuart Mill on co-operation and the rights of women","authors":"Renee Prendergast","doi":"10.1093/cje/beae010","DOIUrl":"https://doi.org/10.1093/cje/beae010","url":null,"abstract":"William Thompson and, later, John Stuart Mill argued that women’s inferior position in society was a product of their environment and upbringing. As such, access to the franchise, and opportunities for education and employment would improve the welfare and position of women. Recognition of women’s reproductive roles led Thompson to argue that equality of outcome for women could not be achieved within the competitive framework and required a re-organisation of society into self-supporting co-operative communities in which women’s reproductive role would be valued and childcare and catering provided communally. While John Stuart Mill advocated access for women into all employments, he thought that a purely domestic role was consistent with women’s emancipation provided that role was freely chosen. Free choice was supported by better outside options but the bargaining power of women choosing the domestic route was not addressed by Mill. Mill supported co-operation but his favoured form involved co-operative ownership of firms operating within competitive markets. He believed that a society based on co-operation would foster favourable attitudes towards women’s emancipation and moral improvement more generally, but he saw no direct relationship between the development of co-operative enterprise and the status of women.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"26 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140203055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The effect of Brexit is an important topic in European and British political agendas. In this study, we examine the effect of Brexit on the Portuguese labour market. We apply the synthetic control method to estimate how the number of UK citizens working in Portugal would have evolved if the Remain vote had won the referendum. Our results suggest that the Brexit referendum reduced the number of UK-dependent workers in Portugal, particularly in the case of non-university-educated, male individuals with temporary employment contracts. This reduction is explained by the decrease in the number of incomers. We also find that those UK citizens who were already working in Portugal before Brexit were more likely to continue working in the host country.
{"title":"The effect of Brexit on British workers living in Portugal: a synthetic control method approach","authors":"Ana Venâncio, João Pereira dos Santos","doi":"10.1093/cje/beae007","DOIUrl":"https://doi.org/10.1093/cje/beae007","url":null,"abstract":"The effect of Brexit is an important topic in European and British political agendas. In this study, we examine the effect of Brexit on the Portuguese labour market. We apply the synthetic control method to estimate how the number of UK citizens working in Portugal would have evolved if the Remain vote had won the referendum. Our results suggest that the Brexit referendum reduced the number of UK-dependent workers in Portugal, particularly in the case of non-university-educated, male individuals with temporary employment contracts. This reduction is explained by the decrease in the number of incomers. We also find that those UK citizens who were already working in Portugal before Brexit were more likely to continue working in the host country.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"48 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140202962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper studies the long-run disconnection between a rising profit share of income and a constant rate of capital accumulation in Mexico since the early 1990s. According to stylized facts based on the Cambridge accumulation equation, the disconnection reflects two factors: first, a flat trajectory of the investment share of profits, and second, a gap between a rising profit share and a constant or even falling profit rate due to a decline in the output/capital ratio. In manufacturing—where the disconnection was particularly sharp—econometric estimates show that the accumulation rate was negatively affected not only by the decline in the output/capital ratio but also by a fall in the relative Mexican/US profit rate. The estimates show in addition that, among financialization indicators, a rise in interest payments as a share of profits may have contributed to the low accumulation rate.
{"title":"Profits and capital accumulation in the Mexican economy","authors":"Carlos A Ibarra","doi":"10.1093/cje/beae002","DOIUrl":"https://doi.org/10.1093/cje/beae002","url":null,"abstract":"The paper studies the long-run disconnection between a rising profit share of income and a constant rate of capital accumulation in Mexico since the early 1990s. According to stylized facts based on the Cambridge accumulation equation, the disconnection reflects two factors: first, a flat trajectory of the investment share of profits, and second, a gap between a rising profit share and a constant or even falling profit rate due to a decline in the output/capital ratio. In manufacturing—where the disconnection was particularly sharp—econometric estimates show that the accumulation rate was negatively affected not only by the decline in the output/capital ratio but also by a fall in the relative Mexican/US profit rate. The estimates show in addition that, among financialization indicators, a rise in interest payments as a share of profits may have contributed to the low accumulation rate.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":"3 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140153385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：