REVIEW OF POLITICAL ECONOMY最新文献

{"title":"Are Long Waves 50 Years? Reexamining Economic and Financial Long Wave Periodicities in Kondratieff and Schumpeter","authors":"Jason Hecht","doi":"10.1080/09538259.2023.2280803","DOIUrl":"https://doi.org/10.1080/09538259.2023.2280803","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"28 23","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139009128","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}

{"title":"Bernard Schmitt and the Dijon–Fribourg School of Monetary Circuit Analysis","authors":"Alvaro Cencini, Sergio Rossi","doi":"10.1080/09538259.2023.2286467","DOIUrl":"https://doi.org/10.1080/09538259.2023.2286467","url":null,"abstract":"This paper presents the origin and the history of the so-called Dijon–Fribourg School that Bernard Schmitt created in regard of monetary circuit analysis. The first section provides a short biograp...","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"27 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538841","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}

{"title":"Overcoming Recession and Financial Instability in a Global Financialised Economy? The Contribution of the ‘Crank Heretic’ Robert Eisler","authors":"Anne Löscher, Ferdindand Wenzlaff","doi":"10.1080/09538259.2023.2280869","DOIUrl":"https://doi.org/10.1080/09538259.2023.2280869","url":null,"abstract":"Recurrent shocks — be it geopolitical instability, pandemics, financial crises or climate change and climate transition effects — pose difficulties to permanently ensure a prosperous economy. The w...","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"73 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538873","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}

{"title":"Augusto Graziani on Italian Economic Development (1950–1970)","authors":"Giorgio Colacchio, Guglielmo Forges Davanzati, Andrea Pacella","doi":"10.1080/09538259.2023.2277729","DOIUrl":"https://doi.org/10.1080/09538259.2023.2277729","url":null,"abstract":"Italian economic thought between the 1960s and 1990s provided important scientific contributions and one of its most authoritative representatives was certainly Augusto Graziani (1933–2014). On the...","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"70 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538797","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}

{"title":"A Note on Capital in a Functional Analysis of the Traditional Banking Industry","authors":"Riccardo Zolea","doi":"10.1080/09538259.2023.2272472","DOIUrl":"https://doi.org/10.1080/09538259.2023.2272472","url":null,"abstract":"ABSTRACTA functional analysis of the traditional banking industry is developed in this paper. Following a reflection on the possibility of conceiving a ‘banking production cycle’, its fundamental output is identified in credit and the input in deposit. The study then continues with an analysis of capital: the anticipated capital required for banking is solely equity capital and is mainly dependent on economic-institutional aspects. This paper then studies how regulation, rules and laws can define a ‘regulatory banking production technique’. Starting from the assumption of economies of scale in the banking sector, the scheme developed by the Basel Accords imposes a level of equity capital proportional to the level of risk-weighted banking assets. Therefore, a relationship between capital and output defined by these rules is conceivable, and the idea of ‘normal capacity utilisation’ in the banking sector becomes possible. Through the latter idea, the possible limitation of money supply by capital requirements can be overcome, thus validating the endogenous money approach.KEYWORDS: Bank capital; banking regulation; endogenous money; capacity utilisationfinancial innovationsJEL CODES: E51; E12; G21 AcknowledgementsThe author wishes to thank Roberto Ciccone for his valuable advice and suggestions, and two anonymous referees. A previous version of this paper was presented at the ‘19th STOREP Annual Conference’ 28/05/2022; the author wishes to thank all the participants of the conference and in particular Louis-Philippe Rochon and the discussant Paolo Paesani. Any errors or omissions are of course the sole responsibility of the author.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Obviously, this scheme is highly simplified and splits activities that often take place simultaneously in reality. Logically, however, these phases can be distinguished.2 Excluding the phase of purchasing material bank inputs (office, desks, computers, safe, etc.) and finding the necessary financial resources for this.3 The bank does not sell money but lends it; however, one could say that it 'sells’ loans.4 Irrespective of other non-normal eventualities, such as the use of undistributed profits in previous years to repay the loans by firms, or loan guarantees (e.g., a mortgage), etc.5 In this regard, it is noted that legal limits to the use of cash are increasingly common. On the other hand, however, alternative payment systems to the banking system are possible nowadays, although their use is not yet very practical, for example in the case of cryptocurrencies based on blockchain technology.6 With the exception of the actual physical means of production such as desks, computers and telephones, etc.7 However, it is reasonable to assume that the capital needed for materials necessity should be rather small compared to the equity capital requirements of the Basel Accords.8 For example, in the EU deposits are guaranteed up to the amount","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"304 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135475461","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}

{"title":"Multipliers and Supermultipliers in a Multisectoral Framework: Macroeconomic Tools After All?","authors":"Fabrício Pitombo Leite","doi":"10.1080/09538259.2023.2270840","DOIUrl":"https://doi.org/10.1080/09538259.2023.2270840","url":null,"abstract":"ABSTRACTThe paper starts showing that the common mistake of considering Keynesian income and/or employment multipliers as sector-specific, in a multisectoral framework, is taking its way back into economics. The phenomenon coincides with the recent debate about the macroeconomic Sraffian supermultiplier and generates some new miscommunication by using similar terminology to sectoral multipliers. Thus, the aim of bringing forward the understanding that Keynesian multipliers and Sraffian supermultipliers constitute macroeconomic relations even in multisectoral models is pursued by emphasising the differences between the traditional input–output multipliers and their Keynesian counterparts and by showing the required adaptations for supermultiplier representations. Once aggregate multipliers and supermultipliers are obtained, there is no need for further multisectoral operations and all the differences in impact between economic activities must be attributed to the simple input–output multipliers. Some estimates are presented using data from the World Input-Output Database (WIOD).KEYWORDS: Input–output analysismacroeconomicsKeynesian multiplierSraffian supermultiplierJEL CODES: B51C67E11E12 AcknowledgmentsI would like to thank Gabriel Brondino, José Bruno Fevereiro, Marcelo Tonon and Michael Lahr for the comments and suggestions made at the 26th Input-Output Association Conference in Juiz de Fora, and, again, to Marcelo Tonon, for a later discussion about the paper. Also to Óscar Dejuán, who sent me by e-mail his detailed notes on a previous version, to Nuno Teles, for his careful reading and accurate remarks, and to the two anonymous reviewers for the suggestions, which certainly improved this final version.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 See the appendix for the step-by-step derivation.2 See the appendix.3 See the appendix for intermediate steps.4 As discussed later, separate multipliers leading us to matrix representations could arise from different propensities to consume attributed to different income groups, not from different economic activities.5 Boosted by the ‘increased expenditure of wages and profits that is associated with the primary employment’ (Kahn Citation1931, p. 173).6 A similar procedure can be found in Trigg and Lee (Citation2005) for employment and ten Raa (Citation2005, p. 28) for income. See the appendix for intermediate steps.7 Interestingly enough, the results concerning the division between total income multipliers and simple income multipliers first appear in economics as an empirical curiosity (Moore and Petersen Citation1955; Hirsch Citation1959; Sandoval Citation1967). From there, Sandoval (Citation1967), Bradley and Gander (Citation1969) and ten Raa and Chakraborty (Citation1983) have started to seek an explanation through different mathematical approaches. Notwithstanding, none of these studies mention the Keynesian multiplier, including the second edition o","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"334 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135474774","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}

{"title":"Shadow Money in the History of Monetary Thought","authors":"Steffen Murau, Tobias Pforr","doi":"10.1080/09538259.2023.2272140","DOIUrl":"https://doi.org/10.1080/09538259.2023.2272140","url":null,"abstract":"ABSTRACTFollowing the 2007–9 Global Financial Crisis, scholars have conceptualized the credit instruments that lay at its center as ‘shadow money’. As this perspective seems to contradict many established monetary theories, we situate the shadow money concept in the history of monetary thought and clarify the assumptions under which it is meaningful. First, the shadow money concept stems from a market-based credit theory of money which rejects notions that money is primarily chosen by the state and that credit is logically subordinate to money. We explain the associated implications by mobilizing the ‘Matrix of Monetary Thought’ as an analytical tool. Second, the shadow money concept transcends the orthodox three-functions-theory of money because it prioritizes the unit-of-account function as the basis to operate payment systems. This is a theoretical position that stands in the tradition of Henry Thornton. Third, the shadow money concept assumes an inherent hierarchy within monetary systems with a spectrum of monetary forms at the edge of which definitions of moneyness get blurry. The defining feature for credit money is the existence of a par relationship with the ex ante defined unit of account. We conclude that conceptually ambiguous shadow money forms have existed across multiple historical eras.KEYWORDS: Credit theoryhierarchyfunctions of moneyGlobal Financial Crisisfinancial innovationJEL CODES: B20E40E44E50 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingSteffen Murau acknowledges financial support by the German Research Foundation (DFG) through grant 415922179 and 499921148.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"74 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934037","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}

{"title":"Components of Autonomous Demand Growth and Financial Feedbacks: Implications for Growth Drivers and Growth Regime Analysis","authors":"Ryan Woodgate, Eckhard Hein, Ricardo Summa","doi":"10.1080/09538259.2023.2269369","DOIUrl":"https://doi.org/10.1080/09538259.2023.2269369","url":null,"abstract":"ABSTRACTThis paper presents a simple closed-economy model that is driven by the growth of two autonomous components of demand, namely government spending and rentiers’ consumption out of interest income. Using this model, it seeks to make two contributions. First, by focusing on the financial dynamics that arise from debt-financed government spending, we show that an underlying stock-flow interaction provides an endogenous mechanism which, under certain conditions, aligns the two autonomous growth rates in the long run. Hence, an economy can be driven by two autonomous components of demand, without one dominating the other in the long-run nor without policy changes being required to align the two growth drivers. Second, we prove that if two autonomous demand components are dynamically interdependent, then the relative size of their growth contributions may be misleading as a guide to classify growth regimes, both in the long-run equilibrium as well as during the traverse towards this equilibrium. Furthermore, we show that the relative growth contributions are economic policy contingent. We thus argue that interdependencies between autonomous growth components arising from financial stock-flow interactions should not be ignored in Sraffian supermultiplier growth decomposition exercises that aim to identify underlying growth drivers.KEYWORDS: Sraffian supermultiplier and endogenous credittwo autonomous growth driversdemand-led growth accountinggrowth regimesJEL CODE: E11E12E20E62 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 See Cesaratto (Citation2017), Cesaratto and Di Bucchianico (Citation2020), and Cesaratto and Pariboni (Citation2022) for detailed accounts of the close relationship between autonomous demand-led growth and post-Keynesian monetary circuit and endogenous money theory. In this context, Cesaratto and Pariboni (Citation2022, 306) also point out the close relationship of Sraffian supermultiplier models with Kalecki’s notion that external markets created by government deficits and export surpluses are drivers of growth: ‘The autonomous components of aggregate demand, which in the supermultiplier model drive growth and coincide with Kalecki-Luxemburg’s external markets, can be financed by purchasing power creation by banks, by accumulated wealth or foreign income. … By definition, external markets are fueled by debt creation, and the seed of financial instability and crisis can be traced here.’2 For a stock-flow supermultiplier model with two debt-financed autonomous expenditures (autonomous government and household consumption), and interrelations between sectoral autonomous demand growth and sectoral indebtedness, with possible emergence of financial fragility processes, see Pedrosa, Brochier, and Freitas (Citation2023).3 We do not mention gove","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934667","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}

{"title":"Globalization of Production and Absolute Advantage in a Classical Approach","authors":"Pedro S. Machado","doi":"10.1080/09538259.2023.2265102","DOIUrl":"https://doi.org/10.1080/09538259.2023.2265102","url":null,"abstract":"Trade in intermediate goods has grown in importance over the past decades. However, there is an apparent inability of trade theory to deal with it. A suitable place to look for an explanation is the classical theory, which puts emphasis in the circular aspect of production. This paper uses a classical-production framework, based on Sraffa’s contributions, to investigate the globalization of production. It presents a novel closure to the system of international prices based on given wage disparities. This novel closure emphasizes the relevance of absolute cost advantages in the determination of international prices and the geographical distribution of production.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"CE-23 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135268316","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}

{"title":"Keynesian Equilibria as Centers of Gravitation?","authors":"Claudio Sardoni","doi":"10.1080/09538259.2023.2260321","DOIUrl":"https://doi.org/10.1080/09538259.2023.2260321","url":null,"abstract":"ABSTRACTStarting from some of Geoff Harcourt’s contributions, this article deals with the problem of macroeconomic equilibria as centers of gravitation from a Keynesian perspective. It is argued that the Keynesian notion of short-period underemployment equilibrium (or rest state) represents a sustainable analytical notion of center of gravitation in so far as a static state is assumed. If the economy grows over time, dealing with the problem of centers of gravitation requires a long-period perspective, which, however, cannot be reduced to the use of equilibrium growth models. A more general approach to the dynamics of market economies is a better way to support Keynes’s idea that the economy tends to fluctuate around positions characterized by the unemployment of resources.KEYWORDS: Centers of gravitationshort- and long-period analysismodels of growthJEL CLASSIFICATION: E10E12O40P10 AcknowledgementsI would like to thank M. Boianovsky, B. Ingrao, F. Ruggeri for their helpful comments and suggestions. Any possible mistake is, of course, my sole responsibility. I would also like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author.Notes1 Some of these papers have been re-published in Harcourt (Citation1992): ‘The legacy of Keynes: Theoretical methods and unfinished businesses’ (Citation1987); ‘Marshall, Sraffa and Keynes: Incompatible bedfellows?’ (Citation1981); ‘Marshall’s Principles as seen at Cambridge through the eyes of Gerald Shove, Dennis Robertson and Joan Robinson’ (Citation1991). This article focuses on the first two.2 Harcourt (Citation1992 [Citation1981], pp. 254–258) devotes considerable attention to Sraffa, his critique of Marshall, and the way in which Sraffa’s normal values can be interpreted. Harcourt (Citation2018) returns to the problem of centers of gravitation by concentrating on Sraffa and different interpretations of his theory.3 Keynes’s ‘indecisiveness’ resides in the fact that ‘he had all but despaired of finding a determinate unit of time into which all various interrelated processes and decisions he was analysing could be fitted so he decided never to push any particular piece of analysis very far past its starting point, preferring to get only the central message across’ (Harcourt Citation1992 [Citation1981], pp. 259–260).4 For Keynes (Citation1973 [Citation1936], p. 249), ‘it is an outstanding characteristic of the economic system in which we live that, whilst it is subject to severe fluctuations in respect of output and employment, it is not violently unstable. Indeed, it seems capable of remaining in a chronic condition of sub-normal activity for a considerable period without any marked tendency either towards recovery or towards complete collapse.’5 ‘Keynes … adopted Marshall’s methods for his own purposes, the determination of output and employment as a whole, the theory ","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"11 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135992725","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}