progresso tecnologico distribuicao de renda e utilizacao da capacidade produtiva the paper presents a post keynesian growth model in which i the mark up rate varies in the long term due to a misalignment between the actual rate and the anticipated profit rate and ii the capital output ratio is not necessarily constant on the contrary it may shift as a result of the technical progress which according the harrod s typology can be neutral capital saving or capital intensive we demonstrate that the economic stability is only reached if the technical progress is neutral or capital intensive and the investiment is susceptible to fluctuations in the mark up rate after undergoing computer simulations we noticed that an endogenous transition from a wage led to a profit led accumulation regime is feasible furthermore we detected a tendency to the stabilization of the profit rate conditioned to a high savings out of profits ratio

profit maximising goes global the race to the bottom we explore four decades of cyclical and long run dynamics in income distribution and economic activity for a panel of 13 oecd countries as measured by the wage share and output gap when modeled as predator prey dynamics economic activity in oecd countries is weakly profit led convergence to a long run equilibrium is relatively slow delaying the profit squeeze stage for many years our race to the bottom model suggests that the oecd countries have been engaged in undercutting each other s real unit labour costs an extension of the model shows that the long run equilibrium has been shifting south west towards a lower wage share it may even be that this race has the undesirable consequence of decreasing economic activity

finance inflation and employment a post keynesian kaleckian analysis the purpose of this paper is to contribute to the post keynesian kaleckian macroeconomic literature we develop a macroeconomic model that explicitly integrates the role of borrowing and cash payment commitments on outstanding debt interest plus principal repayment into the consumption and investment expenditures as well as into the inflation generating process we explore the way that finance influences the distribution effects of inflation in the demand side of a money credit using economy we suggest a new phillips curve that encapsulates the impact of financial commitments on wage and profit claims we argue that high debt and cash payment commitments are likely to be associated with a positive demand side effect of inflation on the rate of employment and that they might be conducive to a negative supply side effect of employment on the inflation rate the author 2011 published by oxford university press on behalf of the cambridge political economy society all rights reserved

stagnation theory and stagnation policy following the traditions of kalecki and keynes we are led to believe that a high long term rate of growth is necessary to establish an adequate use of capacity and full employment because somehow our economy is rather inflexibly adjusted to such high long term rates of growth in this line is harrod s theory harrod 1939 1948 as well as my own maturity and stagnation steindl 1952 both explain the secular depression of the pre war decade in these terms the economy is unable to adjust to low growth rates because its savings propensity is adapted to a high one

evaluation of the importance of fisheries management objectives using choice experiments abstract fisheries management is characterised by multiple objectives decision making is often impeded by different stakeholders placing different importance on these objectives while compromise solutions are often achieved more efficient solutions might be possible if the preference structure of stakeholders was known in this paper the potential of choice modelling for evaluating the importance of potentially conflicting fisheries management objectives is examined the fisheries of the english channel are used as an example results from a survey of the key stakeholders in these fisheries are presented showing that regional employment and sustainable yields are of key concern overall the importance between objectives can be measured appropriately and the methodology can offer useful information to the management process

wage norms capital accumulation and unemployment a post keynesian view the paper presents a post keynesian view of unemployment it argues first that the effective labour demand need not be downward sloping with respect to real wages and aggregate demand need not be downward sloping with respect to inflation second that there is a broad case for unemployment hysteresis understood as endogeneity of the non accelerating inflation rate of unemployment nairu based on social norms in wage bargaining and on the supply side effects of capital accumulation and third that much as keynes argued capital investment rather than labour market institutions is the key variable to explain changes in aggregate unemployment performance across countries and over time overall the paper advocates a keynesian view of the nairu where effective demand determines unemployment in the short run and the deviation of actual unemployment from the nairu determines the change in inflation in the medium term the nairu is endogenous and follows actual unemployment copyright 2011 oxford university press

political aspects of innovation abstract political aspects that enhance but also undermine the positive transformational power of public innovation policies are examined as such this paper follows michal kalecki in his 1943 paper that identifies the political aspects which enhance and undermine the positive transformational power of keynesian full employment policies similarly this paper provides a policy framework that identifies what government and business support as innovation policies the role of innovation stems from schumpeter s long run perspective but incorporates the more dynamic cyclical short term and trend perspectives of kalecki this paper critiques the strategy of public innovation policy in general and derives policy implications

international competition income distribution and economic growth this paper shows that the neo keynesian case for wage led growth does not generally hold in an open economy model wage increases cause a loss of competitiveness that reduces the trade balance if the economy is relatively open to trade and price elasticities satisfy certain restrictions the worsening of the trade balance more than outweighs the increase in workers consumption thus reducing the growth rate the main theoretical innovation is a flexible markup pricing rule that allows changes in unit labor costs and exchange rates to affect profit margins implications for international relations and class conflict are discussed copyright 1989 by oxford university press

does an employment protection law lead to unemployment a panel data analysis of oecd countries 1990 2008 this paper analysed the oecd data on employment protection for 23 oecd countries over the time span 1990 2008 on the basis of alternative dynamic panel data models and panel causality tests and examines the validity of the neo liberal argument that strictness of employment protection hurts labour through increased long term and youth unemployment rates while it finds no empirical basis for this orthodox standpoint it observes that long term unemployment dampens aggregate production which in turn aggravates unemployment problem

case study of agri environmental payments the united kingdom abstract the environmentally sensitive areas esa program when launched in the united kingdom uk in 1986 was the first agri environmental program in the european union eu this program grew to a total of 43 designated esa schemes in the uk as a whole 22 of which were in england a variety of agri environmental payments programs were created to supplement and complement the esa schemes in years to follow the most prominent of these in england was the countryside stewardship scheme css established in 1991 the css was available to farmers outside the esas and like the esa program was intended to protect valued landscapes and habitats and to improve public enjoyment of the countryside by 2003 over 10 of england s agricultural land was enrolled in either esa or css agreements these voluntary agreements were long term contracts usually for 10 years between the government and farmers to provide environmental services several major evaluations of the esa program and the css were conducted over the years and the results of many of those evaluations and the lessons derived are synthesized and summarized in this article both the esa program and the css proved to be generally effective in enrolling many farmers in the entry level contract tiers thereby halting or slowing degradation of rural landscape and other environmental features however the schemes did not generally offer sufficient economic incentives to attract high levels of enrollment in the intensive farming areas also the schemes were limited in their success in enrolling farmers in higher payment tiers tiers that required more substantial changes in farming practices the high crop and livestock related payments received by farmers under the eu s common agricultural policy cap contributed to the disincentives to participate especially in higher tiers following the latest 2003 reforms of the eu s cap england s esa program and css are being replaced by a new consolidated package of schemes that draws on lessons learned over the past 15 20 years with these two flagship programs

epochs and essences a review of marxist long wave and stagnation theories this paper criticizes three central traditions in marxist accumula tion theory on grounds that each relies upon the assumption that the accumulation process is shaped by an ultimate determinant or essence in the stagnation argument formulated by j steindl 1976 1979 and p baran and p m sweezy 1966 capitalist firms are shaped by an urge to expand which in tu rn shapes economic growth e mandel s 1980 long wave theory formulates abstractly fixed inner laws of motion the social structures long wave theory of d gordon r edwards and m reich 1982 roots accumulation s pace in abstractly theorized power dynamics the paper suggests a nonreductionist alternative understanding of marxist economic theory copyright 1988 by oxford university press

designing payments for environmental services in theory and practice an overview of the issues abstract payments for environmental services pes have attracted increasing interest as a mechanism to translate external non market values of the environment into real financial incentives for local actors to provide environmental services es in this introductory paper we set the stage for the rest of this special issue of ecological economics by reviewing the main issues arising in pes design and implementation and discussing these in the light of environmental economics we start with a discussion of pes definition and scope we proceed to review some of the principal dimensions and design characteristics of pes programs and then analyze how pes compares to alternative policy instruments finally we examine in detail two important aspects of pes programs their effectiveness and their distributional implications pes is not a silver bullet that can be used to address any environmental problem but a tool tailored to address a specific set of problems those in which ecosystems are mismanaged because many of their benefits are externalities from the perspective of ecosystem managers pes is based on the beneficiary pays rather than the polluter pays principle and as such is attractive in settings where es providers are poor marginalized landholders or powerful groups of actors an important distinction within pes is between user financed pes in which the buyers are the users of the es and government financed pes in which the buyers are others typically the government acting on behalf of es users in practice pes programs differ in the type and scale of es demand the payment source the type of activity paid for the performance measure used as well as the payment mode and amount the effectiveness and efficiency of pes depends crucially on program design

an investigation of co integration and causality between energy consumption and economic activity in taiwan applying hsiao a version of the granger causality method this paper examines the causality between energy and gnp and energy and employment by applying recently developed techniques of co integration and hsiao s version of the granger causality to taiwanese data for the 1955 1993 period the phillips perron tests reveal that the series with the exception of gnp are not stationary and therefore differencing is performed to secure stationarity the study finds causality running from gdp to energy consumption without feedback in taiwan it is also found that causality runs from gdp to energy but not vice versa

the relationship between energy demand and real gdp growth rate the role of price asymmetries and spatial externalities within 34 countries across the globe abstract the aim of this paper is to empirically explore the relationship between energy demand and real gross domestic product gdp growth and to investigate the role of regional externalities on per capita final energy consumption fec in 34 countries during the period from 2005 to 2013 the paper utilizes a dynamic panel generalized method of moments dpggm approach and spatial econometric techniques in order to analyse the effect of real gdp growth rate on fec through an error correction model ecm and to examine clustered patterns of energy consumption the results show that a the demand is elastic both in the industrial and the household services sectors b electricity and natural gas are demand substitutes c the relationship between real gdp growth rate and per capita energy consumption exhibits an inverted u shape for all the sample countries under scrutiny 34 countries eurozone and eu28 but not for all the employed sectors of the economy d price electricity and gas and gdp growth asymmetries are supported from the employed parametric tests and e distance does not affect per capita fec but economic neighbours have a strong positive effect

energy gdp relationship and capital intensity in ldcs abstract this study provides an updated estimate of the gdp elasticity of energy consumption for ldcs it uses a production function approach in determining this elasticity energy consumption is explained in terms of economic activity capital intensity and structure of economy the elasticity is found to be less than unitary this suggests that the earlier estimates for ldcs were biased

electricity demand in kazakhstan properties of electricity demand in transition economies have not been sufficiently well researched mostly due to data limitations however information on the properties of electricity demand is necessary for policy makers to evaluate effects of price changes on different consumers and obtain demand forecasts for capacity planning this study estimates kazakhstan s aggregate demand for electricity as well as electricity demand in the industrial service and residential sectors using regional data firstly our results show that price elasticity of demand in all sectors is low this fact suggests that there is considerable room for price increases necessary to finance generation and distribution system upgrading secondly we find that income elasticity of demand in the aggregate and all sectoral models is less than unity of the three sectors electricity demand in the residential sector has the lowest income elasticity this result indicates that policy initiatives to secure affordability of electricity consumption to lower income residential consumers may be required finally our forecast shows that electricity demand may grow at either 3 or 5 per year depending on rates of economic growth and government policy regarding price increases and promotion of efficiency we find that planned supply increases would be sufficient to cover growing demand only if real electricity prices start to increase toward long run cost recovery levels and policy measures are implemented to maintain the current high growth of electricity efficiency

estimating energy and oil demand functions a study of thirteen developing countries abstract in this paper we attempt to identify some of the factors that have determined the level and pattern of energy demand in developing countries during the 1970s and early 1980s aggregate oil and energy demanding functions are constructed for a selection of oil importing countries and oil exporting countries the results show a strong link between income and aggregate energy demand conversely the price elasticity of energy demand is low both in the short run and the long run oil demand behaviour is more complex oil products can be rationed or domestic energy production can affect oil demand nonetheless the income elasticity remains close to one in most countries and is well above one for some

forest tenure reform in china a choice experiment on farmers property rights preferences decentralization experiments are currently underway in the chinese forestry sector however researchers and policy makers tend to ignore a key question what do forest farmers really want from reform this paper addresses this question using a survey based choice experiment to investigate farmers preferences for various property rights attributes of a forestland contract we found that farmers are highly concerned with the types of rights provided by a contract reducing perceived risks of contract termination and introducing a priority right for the renewal of an existing contract significantly increases farmers marginal willingness to pay for a forest contract

inflation deflation expectations and economic stability in a kaleckian system abstract in this paper we analyze the impact of inflation deflation expectations and the effect of the monetary authority s inflation targeting policy in a kaleckian system on the basis of macro foundation approaches for this purpose we build a dynamical system composed of four variables the rate of utilization the wage share the nominal rate of interest and the expected rate of inflation and examine the properties especially stability of this dynamical system we then find that the existence of adaptive inflation deflation expectations always destabilizes our kaleckian system irrespective of the revision speed of expectations while that the monetary authority s intensive inflation targeting policy can make the system stable but the effect of this policy depends heavily upon the public credibility of it we also perform numerical simulations to check that our analysis is valid

viewpoint understanding the great depression bernanke 2000 and james 2001 it is now commonplace to view the depression from an international perspective and to test causal hypotheses by comparing the experiences of countries that endured more and less severe cyclical downturns this is in contrast with the earlier generation of scholarship notably the influential work of friedman and schwartz 1963 and temin 1976 which viewed the depression as centred in the united states and focused on shocks and policies in that country specific hypotheses associated with the global perspective continue to be disputed but there seems little question that the international view serves as a point of departure for a growing portion of recent scholarship whether this new research has produced a scholarly consensus is another matter in this paper i ask whether it is possible to arrive at such a consensus by synthesizing the old and new literatures i describe a perspective that views the great depression as a global phenomenon emphasizing linkages among countries and the destabilizing influence of the international monetary and financial system but that at the same time acknowledges the uniquely important character of events and policies in the united states i thereby suggest that the opposition between the old and new or u s centric and global views of the great depression may ultimately prove artificial the task for macroeconomic and historical scholarship

the energy gdp relationship in developing countries empirical evidence and stability tests abstract the elasticity of energy consumption with respect to gdp is an important element in projecting energy needs in economic development this study uses cross section and pooled cross section time series data to find that the elasticity of energy consumption with respect to gdp in developing countries is in the neighbourhood of 1 35 and significantly above one over the period covered 1970 to 1976 the relationships appear to have remained stable there are significant differences between areas of the world but the differences in the elasticities between different continents are not large

changes in the cyclical pattern of real wages evidence from nine countries 1955 80 monetary policy in the united kingdom the monetarist vice has gripped the economy even longer and similar deflationary policies have been in effect in other western economies interestingly enough these policies were instituted in the context of a prolonged period of economic decline annual average rates of growth of gross domestic product for nine oecd countries fell from 6 8 to 5 o to 2 6 over the periods i955 66 i966 73 and i973 79 2 similarly unemployment has risen dramatically in the last io years the causes of slow growth and high unemployment are undoubtedly various however it is clear that restrictive macroeconomic policy has played an important role that is the recent situation is at least in part attributable to a deliberate effort to induce an economic slump the task of systematically examining the origins and motivations of this policy still awaits us however this paper presents an account of a general development in the pattern of real wages over the business cycle which is a plausible determinant of current policy the evidence indicates that short run cyclical movements in output no longer exert a determinate influence on real wage growth a development which may have been the impetus for long term deflation this account is based on an econometric study of nine countries over the period i955 80 the study has three noteworthy econometric features the first is that data from the nine countries are combined in a pooled model with homogeneous coefficients the use of a cross national sample ensures against the attribution of general theoretical status to particular empirical findings from a single country 3 second the units of observation are business cycle turning

paying for environmental services an analysis of participation in costa rica s psa program summary costa rica has long been a leader among developing countries in the design of and experimentation with innovative environmental programs since 1997 costa rica s pagos de servicios ambientales payments for environmental services program has provided payments to more than 4 400 farmers and forest owners for reforestation forest conservation and sustainable forest management activities econometric analysis of a survey of farmers and forest owners including both psa participants and nonparticipants shows that farm size human capital and household economic factors and information variables significantly influence participation in psa program alternatives large farmers and forest owners are disproportionately represented among program participants

a supermultiplier stock flow consistent model the return of the paradoxes of thrift and costs in the long run supermultiplier models have been recently brought to the post keynesian debate yet these models still rely on quite simple economic assumptions being mostly ow models which omit the nancial determinants of autonomous expenditures since the output growth rate converges in the long run to the exogenously given growth rate of non capacity creating autonomous expenditure and the utilization rate moves towards the normal utilization rate the paradoxes of thrift and costs remain valid only as level e ects average growth rates this paper investigates whether the core conclusions of supermultiplier models hold in a more complex economic framework described by means of a supermultiplier sfc model in which private business investment is assumed to be completely induced by income while the autonomous expenditure component in this case consumption out of wealth becomes endogenous the results of the numerical simulation experiments suggest that the paradox of thrift can remain valid in terms of growth e ects and that a lower pro t share can also be associated to a higher accumulation rate though with a lower pro t rate

even the bad times are good a behavioural theory of transformation pressure a theory of transformation pressure was developed in sweden in the 1990s whichsuggested that structural changes rationalisations and innovations are stimulatedby pro t crises arising for example from negative demand shocks and restrictiveeconomic policies firms will then either become more creative or abandon anovercon dent risk prone and irrational status quo strategy a quali ed theorystates that productivity will increase as external pressures become stronger but onlyup to a certain point a competing quali ed theory maintains that productivity ismaximised if periods of hard pressure are succeeded by periods of nancial andtechnical consolidation scale advantages and weaker demands for defensive actionsto raise productivity key words transformation pressure x inef ciency productivity growth irratio nality economic psychologyjel classi cations d24 d81 l21 o31

inflationary price stability and the great crash an early analysis reconsidered the historical account of american economic conditions before the great crash in a d gayer s monetary policy and economic stabilisation 1935a reflects an inter war debate over the consequences of a stable price level when underlying productivity is rising strongly its account evokes in several ways recent concern over the emergence of financial sector instability under inflation targeting regimes a theoretical treatment of the main analysis permits both comparison between different perspectives in thinking at the time and a critical re examination of the relevance of this thinking to modern policy dilemmas nominal targets may have destabilising real sector consequences

choice modelling approaches a superior alternative for environmental valuation in this paper we examine some popular choice modelling approaches to environmental valuation which can be considered as alternatives to more familiar valuation techniques based on stated preferences such as the contingent valuation method a number of choice modelling methods are consistent with consumer theory and its focus on an attribute based theory of value permits a superior representation of many environmental management contexts however choice modelling surveys can place a severe cognitive burden upon respondents and induce satisficing rather than maximising behavioural patterns in this framework we seek to identify the best available choice modelling alternative and investigate its potential to solve some of the major biases associated with standard contingent valuation we then discuss its use in the light of policy appraisal needs within the eu an application to the demand for rock climbing in scotland is provided as an illustration

can payments for environmental services help reduce poverty an exploration of the issues and the evidence to date from latin america summary this paper examines the main ways in which payments for environmental services pes might affect poverty pes may reduce poverty mainly by making payments to poor natural resource managers in upper watersheds the extent of the impact depends on how many pes participants are in fact poor on the poors ability to participate and on the amounts paid although pes programs are not designed for poverty reduction there can be important synergies when program design is well thought out and local conditions are favorable possible adverse effects can occur where property rights are insecure or if pes programs encourage less labor intensive practices 2004 elsevier ltd all rights reserved

an exploratory stochastic framework to analyse the relationship between macro oil price shocks and economic development abstract the paper investigates the impact of the oil price shocks of 1973 and 1978 on the economies of industrial and developing countries empirical results reveal that the severity of the impact of macro price oil shocks has been quite different on the two groups of countries the regression results based on the new exploratory model corroborate clearly that the low income group sustained a drastic blow compared to the high income group countries moreover within the group of developing nations the severity of impact varies according to their dependency on the use of energy sources development levels and the degree of aggregate capital intensity

inequality and growth uncovering the main conclusions from the empirics abstractthis paper is a critical survey of the empirical literature on the effects of inequality on economic growth we conclude that it is most likely that the disparities found in the results are due to differences in the type of countries and time periods included in the samples the variable used to measure inequality the structure of the data and the estimation techniques these findings suggest that the mechanisms that link inequality to growth are likely to operate differently in different circumstances an element that may offer important guidelines for both policy makers and researchers

what really caused the great recession rhyme and repetition in a theme from the 1930s diagnoses of the 2008 financial crisis have invoked arguments involving real sector developments that though much debated in the 1930s had largely disappeared from the literature in recent decades prompted by these revivals the present study re examines an inter war conviction that the depression had its origins in uneven technological progress and monopolistic competition effectively reversing the induced roundaboutness view of the austrian thesis these writings noted a conflict between the resulting need for monetary accommodation and its potentially destabilising distributional consequences a common framework permits the extent of similarity in inter war and contemporary american experience to be assessed with the comparison drawing attention to the 1990s nasdaq boom and the subsequent financial behaviour of the us corporate sector consistently with the earlier literature but contrary to recent conclusions financial sector excess is seen as an aggravating factor rather than an initiating cause of the recession

determinants of labour s income share in the era of financialisation numerous studies have analysed the decline in the labour share of income but only few have linked it to the increase in financialisation the process of financialisation can roughly be described as an increasing importance of the financial sector that had an impact on the distribution between wages and profits on the one hand and retained earnings and financial income in the form of dividends and interests on the other hand this article seeks to explore the relationship between financialisation and labour s share of income using a time series cross sectional dataset of 13 countries over the time period from 1986 until 2007 the results suggest that there is indeed a relationship between increasing dividend and interest payments of non financial corporations and the decline of the share of wages in national income other factors that can account for the decline relate to globalisation and a decrease in the bargaining power of labour

growth distribution and sectoral heterogeneity reading the kaleckians in latin america abstract the aim of this paper is to explore a parallelism between two episodes in the history of economic thought in order to suggest that the interaction between them can contribute to the research on kaleckian growth and distribution models first a brief summary of the theoretical development from steindl s stagnationist claims to the debate about demand regimes is offered then a more detailed account is provided of the latin american debate that began with furtado s stagnationist claims and resulted in the formulation of models of social articulation and disarticulation finally an analytical classification of kaleckian and latin american growth and distribution models is provided indicating the way in which sectoral heterogeneity and demand composition can act as a plausible link between growth and distribution

investigating fishers preferences for the design of marine payments for environmental services schemes we determine the effects of various management restrictions on adoption rates of marine payments for environmental services pes schemes choice experiments are used in order to determine how fisher participation rates change under different marine pes programme designs various designs with differing restriction rates show different rates of adoption however fishers show a high utility loss associated with any move away from the current management situation irrespective of restriction levels this indicates that pes scheme costs may be high and creating an enabling environment could be important to reducing perceived losses as could investment into conditional in kind compensation mechanisms the paper also shows choice experiments to be a useful tool in marine pes design

the state of the art of environmental valuation with discrete choice experiments abstract this paper provides with a review of the state of the art of environmental valuation with discrete choice experiments dces the growing body of literature on this field serves to emphasize the increasing role that dces are playing in environmental decision making in the last decade the paper attempts to cover the full process of undertaking a choice experiment including survey and experimental design econometric analysis of choice data and welfare analysis the research on this field is found to be intense although many challenges are put forward e g choice task complexity and cognitive effort experimental design preference and scale heterogeneity endogeneity or model uncertainty reviewing the state of the art of dces serves to draw attention to the main challenges that this methodological approach will need to overcome in the coming years and to identify the frontiers in discrete choice analysis

a test of policy labels in environmental choice modelling studies abstract a question that arises in the application of environmental choice modelling cm studies is whether to present the choice sets in a generic or labelled form the former involves labelling the policy options to be presented to respondents in a generic way for example as option a option b etc the labelled approach assigns alternative specific descriptors to each option these may relate to the names of proposed policies different locations or any other policy relevant details both approaches have their advantages a potential advantage of using alternative specific labels is that respondents may be better able to base their choices on the true policy context this can increase predictive validity whilst at the same time reducing the cognitive burden of the cm exercise a potential advantage of the generic labelling approach is that respondents may be less inclined to base their choices wholly or largely on the labels and as a consequence may provide better information regarding trade offs among attributes the two approaches to choice set design are compared in the context of a cm study of the values of remnant vegetation in the desert uplands of central queensland results indicate a difference in the cognitive processes generated by choice models using the different approaches this difference is reflected in both the alternative specific constants and the taste parameters and cannot be accounted for by differences in error variance across the two treatments the implications for environmental valuation are discussed

unemployment and the real wage the economic basis for contesting political ideologies using the keynesian theory of effective demand this paper demonstrates how particular models such as that of cooperative capitalism enunciated by the left keynesian social democrats the marxian model of profit squeeze emphasizing distributive conflict and even the conservative model relying on supply side stimulus fit in as particular variants of a more general theoretical scheme through a reconstruction of the familiar is schedule the argument is weaved around the theme of the relations between unemployment and real wage in the context of both a closed and an open economy to explain the common macroeconomic basis of contesting ideologies copyright 1990 by oxford university press

participation in the world s first clean development mechanism forest project the role of property rights social capital and contractual rules abstract clean development mechanism cdm forest projects are perceived as an attractive way to both help mitigate climate change and transfer income to rural poor however to engender participation of small scale producers a cdm forest project must offer sufficient incentives while minimizing their costs of participation all the while respecting the need for additionality property rights social capital and contractual rules are critical in the success of cdm forest projects in this paper we ask what factors affect participation in the world s first cdm project established in guangxi province china using village level surveys we find that although the project facilitates participation through carbon pooling and a share holding system much of the project land remains unforested we find that the primary reasons for the unforested regions are constrained contractual rules property rights allocation disputes and low levels of social capital in some villages

some instability puzzles in kaleckian models of growth and distribution a critical survey we tackle the issue of the possible instability of the kaleckian distribution and growth model distinguishing between keynesian and harrodian instability we review various mechanisms that have been proposed by critics of the kaleckian model to tame harrodian instability while bringing back the rate of utilisation to its normal rate we find that the mechanisms that have been suggested are far from convincing therefore we conclude that it may be premature for the critics of the kaleckian model to dismiss the endogeneity of the rate of capacity utilisation in long run growth equilibrium copyright the author 2010 published by oxford university press on behalf of the cambridge political economy society all rights reserved oxford university press

did hayek and robbins deepen the great depression contrary to some accounts the hayek robbins austrian theory of the business cycle did not prescribe a monetary policy of liquidationism in the sense of passive indifference to sharp deflation during the early years of the great depression there is no evidence that hayek or robbins influenced any liquidationist in the hoover administration or the federal reserve system federal reserve policy during the great depression was instead influenced by the real bills doctrine which despite some apparent similarities was diametrically opposed in key respects to hayek s norms for central bank policy