16 results
Search Results
2. The dog and the frisbee.
- Author
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Haldane, Andrew G. and Madouros, Vasileios
- Subjects
BANKING industry & economics ,BANK failures ,ECONOMIC aspects of decision making ,ECONOMICS - Abstract
Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2012
3. El vacío institucional en el modelo de elección racional aplicado a la fecundidad.
- Author
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Barrera Gutiérrez, Rafael
- Subjects
- *
FAMILY planning , *MICROECONOMICS , *ECONOMICS - Abstract
This paper present two basic ideas. The first one is that the model of rationality applied to fertility and the interaction between quantity and quality were not originally proposed by Becker, as many of those interested in the subject tend to believe; and even that if this relation could seem clear, it is not obvious. The second one is that from the beginning the analysis of fertility has considered the institutional context. Criticism of Becker's model and more recent work strengthen the importance of institutional analysis for the study of the rationality of families in decisions on the number of children. [ABSTRACT FROM AUTHOR]
- Published
- 2011
4. Información y entropía en economía.
- Author
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Montenegro, Álvaro
- Subjects
- *
INFORMATION theory in economics , *STOCK price forecasting - Abstract
This document explores various information theoretical concepts initially developed in physics and engineering and used today in many other fields. Information is defined as a quantity inversely proportional to the probability that an event happens and entropy is defined as the expected value of information. Some information applications in economics include Theil's inequality index, Akaike's information criterion, and the maximum entropy estimation method. Also, information theoretical concepts have been applied to the statistical analysis of financial data. This paper includes an empirical illustration relating to stock market price forecasting. [ABSTRACT FROM AUTHOR]
- Published
- 2011
5. La teoría del valor trabajo y el principio de máxima entropía
- Author
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Juan Esteban Jacobo
- Subjects
Profit (accounting) ,Principle of maximum entropy ,Welfare economics ,lcsh:Economic theory. Demography ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,Capital (economics) ,Economics ,lcsh:HC10-1085 ,Normal rate ,Labor theory of value ,General Economics, Econometrics and Finance ,máxima entropía, teoría del valor trabajo ,B12, C14, D33, D46 - Abstract
En este artículo se utiliza el principio de máxima entropía para ilustrar algunos planteamientos de la economía política clásica relacionados con la teoría del valor trabajo. Primero muestra que la libre movilidad del trabajo puede dar lugar a una distribución de salarios que tiende a la media y que el trabajo universal es una propiedad emergente del sistema. De manera similar, el resultado de la libre movilidad del capital es la tendencia a una tasa de ganancia normal, aunque pueden existir periodos de crisis. This paper uses the principle of maximum entropy to characterize certain aspects of classical political economy associated with the labor theory of value. First, it is shown that the free mobility of labor can give rise to a distribution of wages tending towards the mean and the existence of universal labor time as an emergent property of the system. Similarly, it is shown that the free mobility of capital can result in a tendency towards a normal rate of profit, while allowing for the possibility that the system will enter periods of crisis through time.
- Published
- 2020
6. The monetary approach a la Schumpeter: an application to multi-agent modeling
- Author
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Jenny Paola Danna-Buitrago and Rémi Stellian
- Subjects
Economic research ,education.field_of_study ,Stylized fact ,Computational economics ,monetary analysis ,agent-based models ,Schumpeter ,complex systems ,Ideal (set theory) ,Population ,economía computacional ,enfoque monetario ,modelos multi-agentes ,sistemas complejos ,lcsh:Economic theory. Demography ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,Economics ,lcsh:HC10-1085 ,education ,General Economics, Econometrics and Finance ,Mathematical economics ,economia computacional ,abordagem monetária ,modelos multi-agente ,sistemas complexos - Abstract
Este trabajo es una reflexión sobre la construcción de modelos multi-agentes únicamente a partir de fenómenos monetarios, conforme al enfoque monetario à la Schumpeter en su forma ideal. Se elaboran principios generales para formalizar una población de agentes que interactúan en forma descentralizada, utilizando solamente fenómenos monetarios; y después se implementan estos principios. El modelo resultante es un sistema dinámico no determinístico, cuyas simulaciones numéricas reproducen hechos estilizados en macroeconomía. El modelo se puede extender para ampliar su poder descriptivo y usarlo para diversas investigaciones económicas. This paper is a discussion of the creation of agent-based models from the exclusive perspective of monetary phenomena. These correspond to Schumpeter’s monetary analysis in its ideal version. A set of general principles formalizes a population of agents interacting in a decentralized way on the sole basis of monetary phenomena. We make use of these principles, and the subsequent agent-based model is a dynamic, non-deterministic system, whose numerical simulations are able to mimic stylized facts in macroeconomics. Further extensions of the model make possible the expansion its descriptive power, and its use in economic research.
- Published
- 2019
7. Narcotráfico y conflicto: ¿por qué bajó el precio de la cocaína?
- Author
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Raffo López, Leonardo
- Subjects
- *
ECONOMIC equilibrium , *COCAINE , *ECONOMICS - Abstract
Combining the approaches of Ortiz and Mejía et al., this paper proposes a new model of drug trafficking and conflict. In a general equilibrium framework, an explanation of the downward trend in the price of cocaine over the last two decades is developed. The model shows that the main factor causing this trend is the increase in productivity in the production of cocaine, which has counterbalanced the impact of the supply-side control policies and the decrease in the number of hectares of land planted with coca. [ABSTRACT FROM AUTHOR]
- Published
- 2010
8. ABSTRACTS.
- Subjects
ECONOMICS ,GLOBAL Financial Crisis, 2008-2009 ,ANTI-globalization movement ,COLOMBIAN War of Independence, 1810-1822 - Abstract
Se presentan resúmenes sobre el tema de la economía, como el origen del pánico económico de 2008, la expresión "justicia global" y las consecuencias económicas de la independencia en Colombia.
- Published
- 2008
9. RESÚMENES/ABSTRACTS.
- Subjects
ECONOMICS ,POLITICAL science ,CIVIL rights ,LIBERTY - Abstract
Presents abstracts related to politics and economics, including "Eduardo Wiesner's Contribution to Colombian Economic Thought"; "The Concept of Liberty in Norberto Bobbio's Political Theory" and "Fundamental Rights and Economic Consequences."
- Published
- 2006
10. Social policy and economic growth in six Latin American countries, 1980-2010
- Author
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Clarimar Pulido and José U. Mora Mora
- Subjects
Real income ,Latin Americans ,crescimento econômico, política social, América Latina, convergência ,lcsh:Economic theory. Demography ,Public policy ,Convergence (economics) ,Affect (psychology) ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,Economic growth, social policy, Latin America, convergence ,Development economics ,Economics ,lcsh:HC10-1085 ,crecimiento económico, política social, América Latina, convergencia ,General Economics, Econometrics and Finance ,Social policy ,Stable state - Abstract
Este escrito analiza la hipótesis de convergencia y el impacto de las políticas sociales en el crecimiento económico de los seis países más grandes de América Latina entre 1980 y 2010. Los resultados indican que las políticas sociales han influido en el crecimiento económico de esos países. De manera más precisa, existen variables no observables (efectos fijos) que afectaron positivamente el crecimiento de Venezuela y Chile, y factores no observables que afectaron negativamente a Brasil y México. Se encontró, además, que la velocidad de convergencia disminuye cuando aumenta el nivel de ingresos, lo que podría indicar que estos países pueden estar convergiendo a sus estados estacionarios. This paper analyzes the convergence hypothesis and the impact of social policy on the economic growth of the six largest countries in Latin America between 1980 and 2010. Results suggest that social public policies have positively influenced growth in these economies. Particularly, there are non-observed variables (fixed effects) that positively affect the economic growth in Venezuela and Chile; however, there are other non-observed variables that may be negatively affecting growth in Brazil and Mexico. Regarding the convergence hypothesis, results reveal that the speed of convergence diminishes as real income rises, implying that these countries might be converging to their stable states.
- Published
- 2018
11. An interdisciplinary model for macroeconomics
- Author
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Arthur Turrell and Andrew G. Haldane
- Subjects
Scrutiny ,Management science ,Macroeconomic modelling ,lcsh:Economic theory. Demography ,Economic agents ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,macroeconomía, modelación, modelo basado en agentes ,Homogeneous ,Financial crisis ,macroeconomia, modelagem, modelo baseado em agentes ,Economics ,Macroeconomics, modelling, agent-based model ,Natural (music) ,Criticism ,lcsh:HC10-1085 ,Heuristics ,General Economics, Econometrics and Finance - Abstract
La modelación macroeconómica está bajo intenso escrutinio desde la gran crisis financiera, que dejó al descubierto los graves defectos de la metodología utilizada para entender la economía en su conjunto. Se critican los supuestos empleados en los modelos dominantes, en particular que los agentes económicos son homogéneos y optimizadores y que la economía se equilibra. Este escrito explora un enfoque interdisciplinario de modelación macroeconómica con técnicas tomadas de otras ciencias, y examina la modelación basada en agentes como ejemplo de esas técnicas. Los modelos basados en agentes complementan los enfoques existentes y son adecuados para responder preguntas macroeconómicas donde la complejidad, la heterogeneidad, las redes y las heurísticas cumplen un papel importante. Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimising and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role.
- Published
- 2018
12. La dinámica de la construcción en Bogotá 1995-2013
- Author
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Yuly Paola Silva and Alex Smith Araque Solano
- Subjects
Habitability ,Natural resource economics ,media_common.quotation_subject ,burbuja inmobiliaria, precios del suelo ,bolha imobiliária, preços do solo ,lcsh:Economic theory. Demography ,Real estate bubble ,Land management ,Real estate bubble, land prices ,Supply and demand ,Interest rate ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,Economics ,lcsh:HC10-1085 ,Quality (business) ,General Economics, Econometrics and Finance ,media_common ,Rate of growth - Abstract
Los precios de la vivienda en Bogotá en el periodo 1995-2013 generaron un debate sobre la existencia de una burbuja inmobiliaria. Este artículo analiza los determinantes de la oferta y la demanda del sector, de los mercados asociados y de la velocidad de crecimiento de la tasa de interés y de los precios del suelo. Los resultados muestran que en el mercado no hubo una burbuja en 2012 y que las condiciones económicas de la década de 2010 provocaron el aumento de los precios de la vivienda. El aumento de estos precios en todo el país exige evaluar los efectos territoriales de la política nacional de vivienda, el papel de las administraciones locales, el uso de los instrumentos de gestión del suelo y los efectos de estas presiones de precios sobre la calidad y habitabilidad de las viviendas. The trends in housing prices in Bogotá in the period 1995-2013 generated a debate among experts about the existence of a real estate bubble. This paper analyzes the determinants of the supply and demand of the construction sector, the associated markets, and the rate of growth of interest rates and land prices. The results show that there was no bubble in the market in 2012 and that the economic conditions of the 2010 decade caused the increase in housing prices. The increase of these prices throughout the country requires the evaluation of the territorial effects of the national housing policy, the role of local administrations, the use of land management instruments and the effect of these price pressures on quality and habitability of housing.
- Published
- 2018
13. Productivity and income distribution: Implications for the Colombian minimum wage, 2001-2016
- Author
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Daniel Francisco Ossa
- Subjects
business.industry ,Welfare economics ,salario mínimo, productividad, PTF, productividad laboral, distribución del ingreso ,lcsh:Economic theory. Demography ,Distribution (economics) ,Minimum salary, productivity, TFP, labor productivity, income distribution ,lcsh:Economic history and conditions ,lcsh:HB1-3840 ,Capital (economics) ,salário-mínimo, produtividade, PTF, produtividade profissional, distribuição do rendimento ,Economics ,lcsh:HC10-1085 ,Minimum wage ,business ,General Economics, Econometrics and Finance ,Productivity ,Total factor productivity - Abstract
Este trabajo revisa la discusión sobre el método más adecuado para calcular la productividad. Toma en cuenta la productividad total de los factores, la productividad del capital y la productividad laboral, así como sus interpretaciones, alcances y relaciones. Además, analiza el impacto de esta discusión en la evolución del salario mínimo colombiano durante el periodo 2001-2016. Por último, discute qué relación existe entre el crecimiento de la productividad y la distribución del ingreso entre el capital y el trabajo, proponiendo una crítica a la visión neoclásica. This paper reviews the discussion on the most appropriate method for measuring productivity. It takes into account the TFP, the productivity of capital, and labor productivity, as well as its interpretations, scope, and relations. Additionally, it analyzes the impacts of this discussion on the evolution of the Colombian minimum wage over the period 2001-2016. Finally, it discusses the relationship between the growth of productivity and the distribution of income between capital and labor, proposing a critique of the neoclassical perspective.
- Published
- 2018
14. Development, restructuring of public spending and public-private partnerships
- Author
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Jesús Botero García and José García Guzmán
- Subjects
infraestrutura ,Economic policy ,gasto público ,media_common.quotation_subject ,E27 ,Social Welfare ,infrastructure ,despesa pública ,Human capital ,lcsh:Economic history and conditions ,modelo DSGE ,Economics ,Dynamic stochastic general equilibrium ,Open economy ,human capital ,infraestructura ,media_common ,Government ,Bond ,lcsh:Economic theory. Demography ,model DSGE ,Investment (macroeconomics) ,public spending ,lcsh:HB1-3840 ,E60 ,lcsh:HC10-1085 ,capital humano ,General Economics, Econometrics and Finance ,Welfare ,B22 - Abstract
Este artículo analiza los efectos de bienestar de mejoras en la inversión en educación e infraestructura con participación público-privada, en un marco fiscal de economía pequeña y abierta para la economía colombiana. Se construye un modelo DSGE donde las familias toman decisiones de capital humano y el gobierno financia megaproyectos colocando bonos de infraestructura. Los resultados sugieren mayores efectos en el ajuste de largo plazo y mejoras del bienestar social cuando el gasto público se focaliza en sectores con mayores niveles de empleo y se introducen mejoras tecnológicas y de innovación. This paper analyzes the welfare effects of improvements in investment in education and infrastructure with public-private participation, in a fiscal framework of a small and open economy for the Colombian economy. A DSGE model is built where families make decisions on human capital and the government finances megaprojects by placing infrastructure bonds. The results suggest greater effects in the long-term adjustment and improvements in social welfare when public spending is focused on sectors with higher levels of employment and technological and innovation improvements are introduced.
- Published
- 2018
15. Valor y dinero en Marx
- Author
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Fahd Boundi Chraki
- Subjects
valor ,media_common.quotation_subject ,monetização ,lcsh:Economic history and conditions ,value ,Debt ,Economics ,B14 ,Production (economics) ,Marxist philosophy ,Circulation (currency) ,E4 ,media_common ,Endogenous money ,Monetization ,Keynesian economics ,monetización ,lcsh:Economic theory. Demography ,Monetary theory ,lcsh:HB1-3840 ,monetization ,money ,moeda ,dinero ,Value (economics) ,lcsh:HC10-1085 ,General Economics, Econometrics and Finance ,B24 - Abstract
El objetivo de este trabajo es examinar el vínculo entre la teoría monetaria de Marx y su explicación del valor, la producción y la circulación. Para ello expone los elementos teóricos básicos que permiten abordar una crítica de la teoría cuantitativa, la concepción chartalista de la génesis del dinero y la teoría poskeynesiana del dinero endógeno. Luego analiza desde una perspectiva marxista la controvertida relación entre la monetización de deuda pública y el aumento del nivel general de precios. The aim of this paper is to examine the link between Marx's monetary theory and its explanation of value, production and circulation. For this, it presents the basic theoretical elements that allow a critique of the quantitative theory, the Chartalist conception of the genesis of money and the post-Keynesian theory of endogenous money. Then, from a Marxist perspective, it analyzes the controversial relationship between the monetization of public debt and the increase in the general level of prices.
- Published
- 2018
16. El desafío del gigante chino a Estados Unidos en la posguerra fría: ¿mito o realidad?
- Author
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Alejandra Ripoll and Rafat Ghotme
- Subjects
China ,Hegemony ,ascent ,Corruption ,economía ,media_common.quotation_subject ,poder ,Population ,política ,lcsh:Political science ,power ,Power (social and political) ,Political science ,education ,media_common ,International relations ,Government ,education.field_of_study ,Human rights ,ascenso ,Welfare economics ,lcsh:International relations ,economics ,politics ,lcsh:J ,lcsh:JZ2-6530 - Abstract
Tras veinticinco años de haber finalizado la Guerra Fría, el balance del ascenso de China en el sistema internacional se puede analizar desde elementos materiales e ideacionales de poder. El objetivo de este artículo es identificar si la importancia de China internacionalmente está sobrevalorada, o si realmente puede llegar a desafiar la hegemonía estadounidense. La mayoría de la literatura sobre el potencial chino ha dejado de lado su política interna, factor determinante en el sistema internacional, según el realismo. Desde el método inductivo se intentará establecer la relación causal entre las políticas doméstica e internacional, para sustentar la necesidad china de resolver los diferendos limítrofes con sus vecinos, comprometerse por el respeto de los derechos humanos y cubrir las necesidades de una población altamente insatisfecha, debido a la inequidad y la corrupción. Estos factores inciden para que China adopte una política exterior prudente, para equiparar su posición relativa de poder frente a Estados Unidos. After twenty-five years of the end of the Cold War, the impact of the rise of China in the international system can be analyzed from material and ideational elements of power. This article seeks to identify whether China’s importance is internationally overrated, or if this country can really challenge U.S. hegemony. Most of the literature on Chinese potential has overlooked its internal policy, which is a determining factor in the international system, according to the realist perspective. Using the inductive method, this paper will attempt to establish the causal relation between domestic and international politics. This will highlight China’s need to solve border disputes with its neighbors, make a commitment to respect human rights, and solve the needs of a population that is highly dissatisfied with the present government due to inequality and corruption. These factors challenge China in its quest to achieve a new distribution of power.
- Published
- 2017
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