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On June 9–12, 2015, the International Conference of Research & Regulation 2015 was held in Paris. The theme of this international conference was “the theory of regulation in times of crises,” and around 200 experts and academics from all over the world attended this distinguished conference. Centering on this theme, the hosts selected over 170 papers from those submitted and divided them into 23 topics, among which topics such as reflection and criticism on the economics methodology, labor-management relations and capitalism crisis, financial system and development mode in the post-crisis era, sustainable development and global governance, capitalism diversity and East Asian economy are emphasized and discussed. Many academics who attended the conference also proposed a lot of useful ideas, suggestions for the development of regulation theory, as well as theories and proposals for criticism on neoclassical economics, the emergence system of economic crisis, improvement of global economy, environment and sustainable development, capitalism diversity and development of East Asian economy. [ABSTRACT FROM AUTHOR]

After the Famine, Irish wages caught up to those of Great Britain. Catch-up is ascribed to globalised labour markets and the effects of emigration. However current estimates of the level of Irish wages and their rate of growth are based on a small sample of the male workforce. This article presents estimates of the average wage for all wage earners and the Irish wage bill. This enables an estimate of an (implied) British average wage and wage bill. The new estimates show that although there was significant wage catch-up in a few occupations, in general catch-up was less rapid than recent studies have suggested. The origins of this catch-up are also examined. Consistent with earlier studies which emphasise modernisation of the post-Famine economy, the evidence of this article is consistent with the effects of traditional convergence forces such as TFP growth, capital accumulation and structural change operating alongside the effects of emigration. [ABSTRACT FROM AUTHOR]

This paper studies the outflows of the foreign-born population resident in Spain; specifically, it examines the variations in the probability of emigrating and the intensity of self-selection during the different phases of the economic cycle. In order to do this, survival analysis models were calculated using data from the Spanish Labour Force Survey between 2005 and 2010. The results show, on the one hand, an increase in the probability of emigrating from the start of the recession; and on the other hand, that the probability of emigrating is higher among immigrants with worse employment outcomes and a poorer educational background, as suggested by Neo-classical Economics. However, the effect of unemployment and of the deficit in human capital has been decreasing since 2008. That is, during the recession, negative self-selection is reduced compared to the period of economic growth. [ABSTRACT FROM AUTHOR]

The article presents an analysis on the factors that caused the 2008 global financial crisis in the U.S. It discusses various explanations of the crisis and the solutions offered by economists from the four schools of thought which include Neoclassicals, Keynesians, Institutionalists and Marxists. It also provides useful insight and view from the different schools of thought regarding the government's response to address the problem and the economic imbalances of the nation. Furthermore, it explores the Marxists' concept on the systemic causes of the crisis and its suggestion on the need for the government to initiate investigations and interventions.

The core of the world financial system is based on large investment and commercial banks which are located in leading financial centers. This core both holds and routes significant amounts of the world's financial funds considering the needs of their respective countries. On the other hand, peripheral countries with persistent current account deficits have to manage with the surplus funds of core countries or, worse, during times of financial turbulences be obliged to feed the core with their capital or absorb the excess funds of the core. In most cases, this dilemma creates an asymmetrical relationship between these two groups of countries. As financial crises mostly emerge in core countries, due to lack of domestic funding, they necessarily spread to the periphery as well. Thus, the Tobin Tax frequently gains popularity as a protective measure in the periphery. This study intends to redefine financial crises with their asymmetrical and endogenous aspects as well as to draw attention to the internal imbalances of peripheral countries. [ABSTRACT FROM AUTHOR]

One of the more debated interpretations of the economic crisis that started in 2007–08 is based on the ‘Taylor rule’ equation, namely the idea that over the period 2002–05 the Fed has implemented a low-interest policy that has led to the housing bubble and finally to the ‘Great Recession’. This paper shows that the Taylor rule equation not only rests on the so-called ‘new consensus macroeconomics’, but also on the neoclassical theory of growth. The various criticisms raised against these theoretical foundations suggest that interpretations of the Great Recession based on the Taylor rule equation are building their arguments on shaky theoretical premises. Furthermore, this paper shows that an equation formally similar but logically alternative to the Taylor rule can be regarded as the expression of a general condition of solvency of firms and workers. According to this ‘solvency rule’ the prevailing outcome of monetary policy decisions is the ‘regulation’ of insolvencies. [ABSTRACT FROM PUBLISHER]

The recent economic meltdown worldwide has reinforced our understanding of the effects of decoupling economic growth, monetary policy, and resources. Concern for peak oil and suggestions that it may have contributed to the global economic woes as well as over concern for the banking fraud may be adding confusion over the underlying causes and sending a misleading message to the public and ultimately to policy makers. Viewing the economy as simply a circulation of money that can be manipulated to increase spending and therefore consume our way out of the current economic situation, is courting disaster by deluding the public that the solution lies in simple adjustments to the current monetary system. Similarly, emphasizing that energy is the problem and that the solution can be found with another energy source is probably counterproductive in the short run and may be disastrous in the long run. The recent nuclear accident in Japan seriously calls into question increased dependence on nuclear energy and renewable energy sources, in the majority, have low net yields and are unevenly distributed worldwide. In this paper we frame the economic system as a subsystem of the larger more encompassing geobiosphere and suggest that within this context, neoclassical economics is unlikely to provide sufficient explanation of the recent economic melt-down. From a biophysical perspective, increasing the amount or speed of money circulation as well as extracting more energy from whatever source is available will only compound the problems and relying on growth as the solution to what ails the global economy is not a desirable nor a tenable solution. [Copyright &y& Elsevier]

The article focuses on the role of the relative efficiency of the free market and government intervention in handling economic woes. It mentions that the emergence of the financial and economic crisis has resulted to discussions over the virtues of the free market system and the role of the government in economic stabilization. Laissez-faire economics has turned into a neoclassical monetarism recommending policies such as the free market. It stresses that the government and market need to coexist and complement one another toward sustainability.

The productivity slowdown and the competitive difficulties experienced by many American firms in domestic and international markets have triggered considerable research into the reasons for the observed changes. Although rarely featured in systematic analysis of productivity trends, various writers have suggested that management miseducation may be part of the problem. Economists Robert Hayes and William Abernathy focus primarily on the overutilization of techniques that deflect attention from long-run technological development to portfolio management, financial control, and the like. Economists Thomas Peters and Robert Waterman develop this theme further. Their much-acclaimed study of America's excellent companies heaps ridicule on the rational approach to management and asserts that American business schools have a good share of blame for the competitive failures of American industry. The rational approach to problem solving is, of course, central to economic science.

The neoclassical mainstream theory of economic growth does not care about the First and the Second Law of Thermodynamics. It usually considers only capital and labor as the factors that produce the wealth of modern industrial economies. If energy is taken into account as a factor of production, its economic weight, that is its output elasticity, is assigned a meager magnitude of roughly 5 percent, according to the neoclassical cost-share theorem. Because of that, neoclassical economics has the problems of the "Solow Residual", which is the big difference between observed and computed economic growth, and of the failure to explain the economic recessions since World War 2 by the variations of the production factors. Having recalled these problems, we point out that technological constraints on factor combinations have been overlooked in the derivation of the cost-share theorem. Biophysical analyses of economic growth that disregard this theorem and mend the neoclassical deficiencies are sketched. They show that energy's output elasticity is much larger than its cost share and elucidate the existence of bidirectional causality between energy conversion and economic growth. This helps to understand how economic crises have been triggered and overcome by supply-side and demand-side actions. Human creativity changes the state of economic systems. We discuss the challenges to it by the risks from politics and markets in conjunction with energy sources and technologies, and by the constraints that the emissions of particles and heat from entropy production impose on industrial growth in the biosphere. [ABSTRACT FROM AUTHOR]