Real-World Economics Review, Issue No. 75 161 Board of Editors Nicola
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66, 13 January 2014
sanity, humanity and science probably the world’s most read economics journal real-world economics review - Subscribers: 23,924 Subscribe here Blog ISSN 1755-9472 - A journal of the World Economics Association (WEA) 12,557 members, join here - Sister open-access journals: Economic Thought and World Economic Review - back issues at www.paecon.net recent issues: 65 64 63 62 61 60 59 58 57 56 Issue no. 66, 13 January 2014 In this issue: Secular stagnation and endogenous money 2 Steve Keen Micro versus Macro 12 Lars Pålsson Syll On facts and values: a critique of the fact value dichotomy 30 Joseph Noko Modern Money Theory and New Currency Theory: A comparative discussion 38 Joseph Huber Fama-Shiller, the Prize Committee and the “Efficient Markets Hypothesis” 58 Bernard Guerrien and Ozgur Gun How capitalists learned to stop worrying and love the crisis 65 Shimshon Bichler and Jonathan Nitzan Two approaches to global competition: A historical review 74 M. Shahid Alam Dimensions of real-world competition – a critical realist perspective 80 Hubert Buch-Hansen Information economics as mainstream economics and the limits of reform 95 Jamie Morgan and Brendan Sheehan The ℵ capability matrix: GDP and the economics of human development 109 Jorge Buzaglo Open access vs. academic power 127 C P Chandrasekhar Interview with Edward Fullbrook on New Paradigm Economics vs. Old Paradigm Economics 131 Book review of The Great Eurozone Disaster: From Crisis to Global New Deal by Heikki Patomäki 144 Comment: Romar Correa on “A Copernican Turn in Banking Union”, by Thomas Mayer 147 Board of Editors, past contributors, submissions and etc. -
The Contagion of Capital
The Jus Semper Global Alliance In Pursuit of the People and Planet Paradigm Sustainable Human Development March 2021 ESSAYS ON TRUE DEMOCRACY AND CAPITALISM The Contagion of Capital Financialised Capitalism, COVID-19, and the Great Divide John Bellamy Foster, R. Jamil Jonna and Brett Clark he U.S. economy and society at the start of T 2021 is more polarised than it has been at any point since the Civil War. The wealthy are awash in a flood of riches, marked by a booming stock market, while the underlying population exists in a state of relative, and in some cases even absolute, misery and decline. The result is two national economies as perceived, respectively, by the top and the bottom of society: one of prosperity, the other of precariousness. At the level of production, economic stagnation is diminishing the life expectations of the vast majority. At the same time, financialisation is accelerating the consolidation of wealth by a very few. Although the current crisis of production associated with the COVID-19 pandemic has sharpened these disparities, the overall problem is much longer and more deep-seated, a manifestation of the inner contradictions of monopoly-finance capital. Comprehending the basic parameters of today’s financialised capitalist system is the key to understanding the contemporary contagion of capital, a corrupting and corrosive cash nexus that is spreading to all corners of the U.S. economy, the globe, and every aspect of human existence. TJSGA/Essay/SD (E052) March 2021/Bellamy Foster, Jonna and Clark 1 Free Cash and the Financialisation of Capital “Capitalism,” as left economist Robert Heilbroner wrote in The Nature and Logic of Capitalism in 1985, is “a social formation in which the accumulation of capital becomes the organising basis for socioeconomic life.”1 Economic crises in capitalism, whether short term or long term, are primarily crises of accumulation, that is, of the savings-and- investment (or surplus-and-investment) dynamics. -
Labor Market Regimes and the Effects of Monetary Policy
Available online at www.sciencedirect.com Journal of Macroeconomics 30 (2008) 134–156 www.elsevier.com/locate/jmacro Labor market regimes and the effects of monetary policy Nicola Acocella a, Giovanni Di Bartolomeo a, Douglas A. Hibbs Jr. b,* a Department of Economics, University of Rome La Sapienza, Italy b CEFOS, Go¨teborg University, Box 720, Go¨teborg 40530, Sweden Received 4 May 2005; accepted 7 August 2006 Available online 27 March 2007 Abstract In this paper, we evaluate the effects of monetary policy on inflation and unemployment under different institutional arrangements in the labor market. We show that the effects of monetary policy on the real economy depend critically on the wage formation regime, and on the ways in which the restrictiveness of policy interacts with product price competition, wage setting centralization and the utility weight unions place on real wage premiums as compared to unemployment. Our analysis emphasizes how the posture of monetary policy toward inflation influences the strategic calculations driving unions’ wage setting behavior in different institutional environments. Ó 2007 Elsevier Inc. All rights reserved. JEL classification: E52; E58; J51 Keywords: Policy games; Monetary policy neutrality; Trade unions; Labor market institutions * Corresponding author. Tel.: +46 70 559 0744; fax: +46 31 708 5944. E-mail address: [email protected] (D.A. Hibbs Jr.). 0164-0704/$ - see front matter Ó 2007 Elsevier Inc. All rights reserved. doi:10.1016/j.jmacro.2006.08.006 N. Acocella et al. / Journal of Macroeconomics 30 (2008) 134–156 135 1. Monetary policy, wage setting institutions and macroeconomic performance Monetary policy neutrality means that monetary instruments are unable to affect real variables, such as output and employment.1 The Barro–Gordon (1983) model and its many variants, inspired by the seminal paper of Kydland and Prescott (1977), are the main templates for modern analysis of monetary policy issues. -
Economic Policy in the Age of Globalisation Nicola Acocella Frontmatter More Information
Cambridge University Press 0521540380 - Economic Policy in the Age of Globalisation Nicola Acocella Frontmatter More information Economic Policy in the Age of Globalisation In the age of globalisation, both domestic and foreign economic policies play an important role in determining firms’ strategies. Understanding such policies is an essential part of the cultural background of managers at all levels of a firm. At the same time, firms’ choices have a greater impact on economic policymaking in a global economy, as the range of alternatives open to them expands. In this book, Nicola Acocella analyses both sides of this relation- ship. Special emphasis is placed on current issues in policymaking on the basis of social choice principles and the normative and positive theory of economic policy, and on issues concerning the establishment of international public institutions that can match the global reach of the private institutions (markets and firms) that generate many of today’s economic challenges. Broad in scope, this book is aimed at students who have completed an introductory course in both microeconomics and macroeconomics. NICOLA ACOCELLA is Professor of Economic Policy in the Department of Public Economics at the University of Rome ‘La Sapienza’. His publications include Foundations of Economic Policy: Values and Techniques (Cambridge, 1998). © Cambridge University Press www.cambridge.org Cambridge University Press 0521540380 - Economic Policy in the Age of Globalisation Nicola Acocella Frontmatter More information Economic Policy in -
The European Monetary Union Nicola Acocella Frontmatter More Information
Cambridge University Press 978-1-108-84087-3 — The European Monetary Union Nicola Acocella Frontmatter More Information The European Monetary Union The European Union is at a crossroads. This book analyzes the historical roots of the EU’s monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Nicola Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens. nicola acocella is professor emeritus of Economic Policy at the Sapienza University of Rome. He is the author of Rediscovering Economic Policy as a Discipline (2018) and coauthor of Macroeconomic Paradigms and Economic Policy (2016), among other books. © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-84087-3 — The European Monetary Union Nicola Acocella Frontmatter More Information © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-84087-3 -
A Business Lawyer's Bibliography: Books Every Dealmaker Should Read
585 A Business Lawyer’s Bibliography: Books Every Dealmaker Should Read Robert C. Illig Introduction There exists today in America’s libraries and bookstores a superb if underappreciated resource for those interested in teaching or learning about business law. Academic historians and contemporary financial journalists have amassed a huge and varied collection of books that tell the story of how, why and for whom our modern business world operates. For those not currently on the front line of legal practice, these books offer a quick and meaningful way in. They help the reader obtain something not included in the typical three-year tour of the law school classroom—a sense of the context of our practice. Although the typical law school curriculum places an appropriately heavy emphasis on theory and doctrine, the importance of a solid grounding in context should not be underestimated. The best business lawyers provide not only legal analysis and deal execution. We offer wisdom and counsel. When we cast ourselves in the role of technocrats, as Ronald Gilson would have us do, we allow our advice to be defined downward and ultimately commoditized.1 Yet the best of us strive to be much more than legal engineers, and our advice much more than a mere commodity. When we master context, we rise to the level of counselors—purveyors of judgment, caution and insight. The question, then, for young attorneys or those who lack experience in a particular field is how best to attain the prudence and judgment that are the promise of our profession. For some, insight is gained through youthful immersion in a family business or other enterprise or experience. -
NASA's First A
NASA’s First A Aeronautics from 1958 to 2008 National Aeronautics and Space Administration Office of Communications Public Outreach Division History Program Office Washington, DC 2013 The NASA History Series NASA SP-2012-4412 NASA’s First A Aeronautics from 1958 to 2008 Robert G. Ferguson Library of Congress Cataloging-in-Publication Data Ferguson, Robert G. NASA’s first A : aeronautics from 1958 to 2008 / Robert G. Ferguson. p. cm. -- (The NASA history series) (NASA SP ; 2012-4412) 1. United States. National Aeronautics and Space Administration--History. 2. United States. National Advisory Committee for Aeronautics--History. I. Title. TL521.312.F47 2012 629.130973--dc23 2011029949 This publication is available as a free download at http://www.nasa.gov/ebooks. TABLE OF CONTENTS Acknowledgments vii Chapter 1: The First A: The Other NASA ..................................1 Chapter 2: NACA Research, 1945–58 .................................... 25 Chapter 3: Creating NASA and the Space Race ........................57 Chapter 4: Renovation and Revolution ................................... 93 Chapter 5: Cold War Revival and Ideological Muddle ............141 Chapter 6: The Icarus Decade ............................................... 175 Chapter 7: Caught in Irons ................................................... 203 Chapter 8: Conclusion .......................................................... 229 Appendix: Aeronautics Budget 235 The NASA History Series 241 Index 259 v ACKNOWLEDGMENTS Before naming individuals, I must express my gratitude to those who have labored, and continue to do so, to preserve and share NASA’s history. I came to this project after years of studying private industry, where sources are rare and often inaccessible. By contrast, NASA’s History Program Office and its peers at the laboratories have been toiling for five decades, archiving, cataloging, interviewing, supporting research, and underwriting authors. -
Non-Neutrality of Monetary Policy in Policy Games
UNIVERSITÀ DEGLI STUDI DI ROMA “LA SAPIENZA” DIPARTIMENTO DI ECONOMIA PUBBLICA Working Paper No.49 Nicola Acocella and Giovanni Di Bartolomeo NON-NEUTRALITY OF MONETARY POLICY IN POLICY GAMES Roma, giugno 2002 Abstract The main aim of this article is to investigate the sources of non-neutrality in policy games involving one or more trade unions. We use a simple set up in order to clearly expose the basic mechanisms that also work in more complex frameworks. We show that there are common roots in the non- neutrality results so far obtained in apparently different contexts as, e.g., an inflation-averse union playing against the government; a union sharing some other common objective with a policy maker; or when more than one union interacts with monopolistic competitors in the goods market and a policymaker. We finally show that there are other cases where the non- neutrality result can arise. JEL: E00, E52, J51. Keywords: neutrality, money, unions, policy game. NON-NEUTRALITY OF MONETARY POLICY IN POLICY GAMES ∗ Nicola Acocella and Giovanni Di Bartolomeo∗ June, 2002 1. Introduction The role of wages is crucial in the macroeconomic adjustment process. It is important to understand how wages react to prices and vice versa, in particular how the effects of monetary and fiscal policies on output and prices depend on the response of wages to prices. The interaction between monetary policy and wage setting has been analysed in the 1970’s and 1980’s in terms of policy games especially in order to examine questions of time consistency, central bank independence and the like. -
From Government to Regulatory Governance: Privatization and the Residual Role of the State
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Perotti, Enrico; Bortolotti, Bernardo Working Paper From Government to Regulatory Governance: Privatization and the Residual Role of the State Nota di Lavoro, No. 151.2005 Provided in Cooperation with: Fondazione Eni Enrico Mattei (FEEM) Suggested Citation: Perotti, Enrico; Bortolotti, Bernardo (2005) : From Government to Regulatory Governance: Privatization and the Residual Role of the State, Nota di Lavoro, No. 151.2005, Fondazione Eni Enrico Mattei (FEEM), Milano This Version is available at: http://hdl.handle.net/10419/74064 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der -
Thespectator N[ W S Present Pope Cuts Protested Turns Back the Clock - Lernoux Bybodettepenning Staff Reporter
Seattle nivU ersity ScholarWorks @ SeattleU The peS ctator 5-18-1989 Spectator 1989-05-18 Editors of The pS ectator Follow this and additional works at: http://scholarworks.seattleu.edu/spectator Recommended Citation Editors of The peS ctator, "Spectator 1989-05-18" (1989). The Spectator. 1833. http://scholarworks.seattleu.edu/spectator/1833 This Newspaper is brought to you for free and open access by ScholarWorks @ SeattleU. It has been accepted for inclusion in The peS ctator by an authorized administrator of ScholarWorks @ SeattleU. McGowan SU's year SU choir profiled in sports performs —p. 5 -pp. 6-7 -p. 8 Ml Non-Profit Org. 2 im U.S.POSTAGEPAID Seattle,WA the PermitNo.2783 Spectator May 18, 1989 SEATILEUN I V E I S I T V ASSUreviews this year's ups and downs TheRepresentativeCouncil ofASSU andorganizations, saidSteve Cummins, devoted a portion of its meeting last executive vicepresident,whonoted that Friday to reviewing its there were approximately 15 new orre- accomplishments andshortcomings this startup clubs this year. year. He expressed satisfaction with the In addition to theState of the Student accomplishment andsaida new funding process, which received high marks mechanism due tobe passed in the next from faculty,staff andadministrators for couple of weeks will allow even more Robert Heilbroner speaks to faculty members at a meeting Tuesday. the substantial documentation and groups to be funded by A.SSU next specific nature of its recommendations year. for student needs, thegroupas a whoJe "We've initiated a change in the expressed satisfaction with its work budgeting system so that we can allow Heilbroner visit drafting various codes and increasing for fund raising," Cummins said. -
Is a Conservative Central Banker a (Perfect) Substitute for Wage Coordination?*
DIRITTI, REGOLE, MERCATO Economia pubblica ed analisi economica del diritto XV Pavia, Università, 3 - 4 ottobre 2003 CONFERENZA IS A CONSERVATIVE CENTRAL BANKER A (PERFECT) SUBSTITUTE FOR WAGE COORDINATION? NICOLA ACOCELLA - GIOVANNI DI BARTOLOMEO società italiana di economia pubblica dipartimento di economia pubblica e territoriale – università di Pavia DIRITTI, REGOLE, MERCATO Economia pubblica ed analisi economica del diritto XV Conferenza SIEP - Pavia, Università, 3 - 4 ottobre 2003 pubblicazione internet realizzata con contributo della società italiana di economia pubblica dipartimento di economia pubblica e territoriale – università di Pavia Is a conservative central banker a (perfect) substitute for wage coordination?* Nicola Acocella Department of Public Economics, University of Rome “La Sapienza”, Italy Giovanni Di Bartolomeo Department of Public Economics, University of Rome “La Sapienza”, Italy May, 2003 Corresponding author: Nicola Acocella, Dipartimento di Economia Pubblica, Università di Roma La Sapienza, Via Castro Laurenziano, 9, 00161 Roma – Italy. E-mail: nicola.acocella@ uniroma1.it Abstract. In a monetary union, macroeconomic policies are strongly associated with externalities that seem to imply the need for macroeconomic policy coordination. However, if coordination is not complete, partial coordination might be unable to cope with the negative externalities arising from a decentralized policy management. This paper investigates different solutions for internalizing policy externalities. In particular, we compare wage coordination to the conservative central banker solution, which is found by recent literature able to impose wage moderation to the labor unions. We also discuss some aspects related to labor flexibility reforms as a solution for the unemployment problem. JEL codes: E62, E64, F15, F42 Key words: Conservative central bank, budget constraints, wage coordination, monetary union. -
Forward Guidance in Economies with Rational Expectations
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by St Andrews Research Repository Stabilization and Commitment: Forward Guidance in Economies with Rational Expectations Andrew Hughes Hallett George Mason University, and University of St Andrews Phone: 1-703-993-2280 or 44-1334-462420 Email: [email protected] Nicola Acocella “Sapienza” University of Rome Phone: +39 06 49766359 Fax: +39 06 4957606 Email: [email protected] 1 Forward Guidance in Economies with REs Address correspondence to: Nicola Acocella, “Sapienza” University of Rome, Via Castro Laurenziano 9, 00161 Rome, Italy, email: [email protected] 2 Abstract We construct a theory of forward guidance in economic policy making in order to provide a framework to explain the role and strategic advantages of including forward guidance as an explicit part of policy design. We do this by setting up a general policy problem in which forward guidance plays a role, and then examine the consequences for performance when that guidance is withdrawn. Following Acocella et al. (2013), who revisit the classical theory of economic policy in a world with rational expectations, we show that forward guidance provides enhanced controllability and stabilizability – especially where such properties may not otherwise be available. As a bi-product we find that forward guidance limits the scope and incentives for time inconsistent behavior in an economy whose policy goals are ultimately reachable. It also adds to the credibility of a set of policies therefore. JEL Classifications: E42, E58, E61, E63 Keywords: Managing Expectations, Stabilizability, Dynamic Controllability, Time Consistency. 3 1.