Luis Varona, Jorge R Gonzales, Benjamín García, Laura Gismera
{"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":null,"pages":null},"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}
{"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":null,"pages":null},"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}
{"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":null,"pages":null},"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}
{"title":"A note on the two approaches to the distribution of surplus value","authors":"Hyun Woong Park, Dong-Min Rieu","doi":"10.1093/cje/beae026","DOIUrl":"https://doi.org/10.1093/cje/beae026","url":null,"abstract":"\u0000 In a recent issue of this Journal, Cogliano (in ‘Marx’s equalized rate of exploitation’, Cambridge Journal of Economics, 2023, vol. 47, no. 1, 133–69) provided a theoretical basis of the hypothesis that the rates of exploitation are uniform across industries. In this paper, we compare the hypothesis and an alternative approach that assumes that the value creation per unit concrete labour is uniform. As neither approach considers skill differentials, we provide an extended framework that incorporates skills explicitly for the comparison. In addition, our framework considers the value creation of workers as a function of their skills and efforts of labour and, following Yoshihara (in ‘Wealth, exploitation and labor discipline in the contemporary capitalist economy’, Metroeconomica, 1998, vol. 49, no.1, 23–61), we define the ratio between effort and wage as labour discipline. Within this framework, we show the following. The equalisation of the rates of exploitation is eventually assuming that the ratios between the value creation and wage are equalised and it implies that high-skilled workers experience proportionately weaker labour discipline whereas low-skilled workers experience stronger labour discipline. On the other hand, the alternative approach that assumes the equalisation of the value creation per unit concrete labour implies that high-skilled workers work proportionately less intensively whereas low-skilled workers work proportionately more intensively.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141659782","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}
{"title":"Full employment as a condition of crisis: Kalecki’s Marxian critique of Keynes and the Fabians (1942–45)","authors":"Roberto Lampa","doi":"10.1093/cje/beae027","DOIUrl":"https://doi.org/10.1093/cje/beae027","url":null,"abstract":"\u0000 Between 1942 and 1945, Kalecki emphasised the incompatibility between capitalism and full employment. Rather than stabilising market economies, full employment would have triggered social conflict by providing self-confidence amongst the workers and the lower strata of society. Accordingly, in any program of social transformation, the initial condition that had to be established was (guaranteed) full employment and economic security for workers to alter the game’s rules. Like Marx, full employment of resources became a condition of crisis in a capitalist economy. Upon this premise, Kalecki rejected both Keynes’s and the Fabians’ views, according to which full employment was essentially a technical operation to be achieved by intellectual persuasion and some basic control. The emphasis on persuasion implied an overestimation of the role of economic theory, meant as a method of moulding ideas and opinions of the country leaders. On the other hand, the lack of institutional analysis implied that full employment became a mere tool to guarantee capitalism’s correct functioning. Kalecki’s stance reflected his different background, both methodological and political.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141664878","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}
{"title":"Fundamental implications of the neglect of servicisation by development economists","authors":"Adam Fforde","doi":"10.1093/cje/beae023","DOIUrl":"https://doi.org/10.1093/cje/beae023","url":null,"abstract":"\u0000 The article deploys servicisation as a case study to discuss economists’ methods and the confirmation bias issue. Data show the average pattern of structural transformation in developing countries has since the early 1990s been servicisation, and the faster the growth, the greater the servicisation. Data also show that servicisation has been an extremely under-researched topic compared with industrialisation. This is an example of confirmation bias—weak links between theory and facts—that erodes the plausibility of policy advice. The paper analyses methods and their policing, and points to issues to address to reduce risks of confirmation bias by strengthening ‘the power of facts’.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141679366","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}
{"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":null,"pages":null},"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}
{"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":null,"pages":null},"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}
Hugo C. IASCO-PEREIRA, Gilberto Libânio, Fabrício José Missio
{"title":"The real exchange rate and industrial investment: new evidence for Brazil","authors":"Hugo C. IASCO-PEREIRA, Gilberto Libânio, Fabrício José Missio","doi":"10.1093/cje/beae020","DOIUrl":"https://doi.org/10.1093/cje/beae020","url":null,"abstract":"\u0000 This study empirically investigates the influence exerted by the real exchange rate (RER) on investments in 81 sectors of Brazil’s manufacturing industry, between 2007 and 2018. The work has a number of novel features. First, a more disaggregated database is employed than that commonly found in the existing literature. Second, the article’s empirical findings indicate the existence of two competing channels through which a competitive RER may influence sectoral investments, that is: (i) positively, by enhanced exports and (ii) negatively, via more expensive imported inputs. Third, our empirical results also indicate that the RER’s influence is more significant in sectors with a lower mark-up, which means that a competitive RER—caused by expanding revenues from exports, offsets a lack of internal funds to finance new investments. Fourth, we tested the existence of an import penetration channel. The results reveal that a competitive RER increases investments as consumers substitute imported goods with domestic ones.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2024-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141363548","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}
{"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":null,"pages":null},"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}