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This study aims to investigate whether the Polish economy operates under a wage-led or profit-led economic regime. By analysing how changes in income distribution affect consumption, investment, and net exports, insights are gained into the nature of the economic regime, facilitating evidence-based policy formulation and fostering sustainable economic development in the country. The long-term impact of an increase in the profit share on economic growth is found to be significantly negative, giving rise to the conclusion that the Polish economy was in a wage-led regime from 2001 to 2022. The estimated total marginal effect of an increased profit share on output, including multiplier mechanisms, is –0.22.

Copyright of Polish Journal of Economics / Gospodarka Narodowa is the property of SGH Warsaw School of Economics 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.)

The neoliberal reforms since the 1980s have resulted in rapid globalization paralleled by worsening income distribution. In this paper, I first show that most countries worldwide (58 of 81) have experienced a decline in the labor share of income, or the wage share, during 1950-2019. Second, I estimate the demand and distributive regimes from 81-country panel data based on the neo-Goodwinian model. At the global level, the short-run estimation shows that the distributive regime appears to be Marxian/profit-squeeze and the demand regime exhibits profit-led. I further separate the estimation into two groups: advanced and developing countries. The estimation still confirms the profit-led/profit-squeeze regimes in both groups, even though the demand and distributive regimes are stronger in advanced economies. In the long run, the results reveal a global race to the bottom: a decline in the long-run wage share. Neither positive nor negative gain is founded on capacity utilization in advanced and developing countries.

This paper examines, from the perspective of Post-Keynesian economics, the effects of Foreign Direct Investment (FDI) on the employment rate in 18 post-transitional European countries from 1995 to 2021. Using a two-step system Generalised Method of Moments (GMM) panel data estimator, we test the hypothesis that the employment impact of investment depends on the interaction of FDI and domestic investment in terms of crowding-in and crowding-out relationships, assuming that this relationship is sensitive to the sectoral distribution of FDI stock. Our findings suggest that the reallocation of FDI inflows from the manufacturing sector to the less labour intensive financial and information and communication technology (ICT) sectors tends to reduce the employment effect of FDI both directly and indirectly by reducing the magnitude of the crowding-in effect of FDI on domestic investment. The outcome of our study is of great interest to economic policy makers. If foreign investment displaces domestic investment and reduces employment in high value-added sectors, policies intended to attract foreign capital could be challenged and undermined. Otherwise, if foreign and domestic investment in sectors with high added value are complementary, it justifies policies aimed at attracting foreign investment. [ABSTRACT FROM AUTHOR]

ABSTRACT Most contributions in the academic literature identify a positive effect of transport infrastructure on land prices. However, their short-run dynamics has not been routinely analyzed. One of the reasons for this lack of research is because neoclassical urban land economics models underlie, in some cases implicitly, most of the available literature on the topic. In this theory, land values converge to their long-term trends regardless of short-term shocks. We build upon post-Keynesian monetary circuit theory to design a spatial urban economics testing framework, building upon the contributions of Abramo (2011) and Alfonso (2007, 2017). In this tradition, short-term shocks have long-term effects on the spatial distribution of land values due to radical uncertainty. Our case study is Transmetro, a Bus Rapid Transit (BRT) project in Barranquilla (Colombia). We use static and dynamic panel-estimation to test the short-run dynamics of spatial land price adjustments during 2000-2010, including the construction and delivery years 2006-2010. This case study offers a good assessment opportunity because of featuring prominent problems and delays. We find volatile short-run adjustments that run counter to neoclassical predictions, while resembling spatial land price adjustments exposed to radical uncertainty.

ABSTRACT The aim of this paper is to investigate the long run sustainability of a growth path led by multiple non-creating capacity autonomous expenditures in a demand led-supermultiplier model for a small open economy. Using two different models the results show that it is impossible to have in the same model long-term economic growth driven by the non-capacity creating component of domestic demand, exogenous income distribution, long-run balance between productive capacity and aggregate demand and balance of payments equilibrium. Economic viability of the balanced-growth path demands growth to be led by exports, at least for small open economies.

This article evaluates the potential of the Post-Keynesian literature on growth models to gain influence over the Varieties of Capitalism approach within Comparative Political Economy. It shows that the future analytical strength of the latter approach depends, primarily, on the ability to consolidate macroeconomic principles consistent with a dynamic reality. On the other hand, Post-Keynesian macroeconomic foundations allow financialised growth models to capture the importance of power struggles in long-term growth as well as to integrate crises as recurrent and inherent phenomena to capitalist economies. That said, Post-Keynesian challenge to become a beacon within CPE lies on moving beyond country-based analyses towards the construction of a systematic association between, on the one hand, the institutional aspects shared between countries and, on the other hand, their classification on growth models.

The aim of this paper is to investigate the long run sustainability of a growth path led by multiple non-creating capacity autonomous expenditures in a demand led-supermultiplier model for a small open economy. Using two different models the results show that it is impossible to have in the same model long-term economic growth driven by the non-capacity creating component of domestic demand, exogenous income distribution, long-run balance between productive capacity and aggregate demand and balance of payments equilibrium. Economic viability of the balanced-growth path demands growth to be led by exports, at least for small open economies. [ABSTRACT FROM AUTHOR]

Most contributions in the academic literature identify a positive effect of transport infrastructure on land prices. However, their short-run dynamics has not been routinely analyzed. One of the reasons for this lack of research is because neoclassical urban land economics models underlie, in some cases implicitly, most of the available literature on the topic. In this theory, land values converge to their long-term trends regardless of short-term shocks. We build upon post-Keynesian monetary circuit theory to design a spatial urban economics testing framework, building upon the contributions of Abramo (2011) and Alfonso (2007, 2017). In this tradition, short-term shocks have long-term effects on the spatial distribution of land values due to radical uncertainty. Our case study is Transmetro, a Bus Rapid Transit (BRT) project in Barranquilla (Colombia). We use static and dynamic panel-estimation to test the short-run dynamics of spatial land price adjustments during 2000-2010, including the construction and delivery years 2006-2010. This case study offers a good assessment opportunity because of featuring prominent problems and delays. We find volatile short-run adjustments that run counter to neoclassical predictions, while resembling spatial land price adjustments exposed to radical uncertainty. [ABSTRACT FROM AUTHOR]

This contribution examines recent developments in post-Keynesian macroeconomics teaching through an analysis of five textbooks: Blecker and Setterfield (2019), Hein (2014; 2023), and Lavoie (2014; 2022). The focus is on Hein’s latest book, Macroeconomics after Kalecki and Keynes (2023), which aims to provide a comprehensive and teachable post-Keynesian macroeconomic model, by covering topics such as effective demand, policy coordination, distribution and growth, finance-dominated capitalism, and ecological constraints. The review discusses Hein’s textbook in a comparative way, highlighting points of strength and aspects that should be explored further, particularly (but not related to) the field of climate change and environmental constraints to growth. Overall, it is argued that Hein's book contributes to the literature on post-Keynesian economics and provides a valuable resource for undergraduate and graduate students in the field.

The article attempts to combine Alfred Eichner's institutionalist theory of the megacorp and a corresponding definition of small and medium-sized enterprises (SMEs) with transaction cost theory (TCT) based on firms' asset specificity. We have identified three types of SMEs: subcontracting SMEs as "spokes" within hub-megacorp network, independent SMEs as local competitors of megacorps, and SMEs as partners in cluster networks. The article outlines some distinctive features of the three types and then concentrates on subcontracting SMEs, presenting their submission to megacorp's power through mark-down pricing and their consequent inability to grow. We mention some illustrative examples from Slovenia, a small transition economy, in which many SMEs have been part of international megacorps' supply chains. We conclude that TCT, in spite of its neoclassical paradigmatic background, enriches the institutionalist approach to SMEs without changing its evolutionary character, inherited from old institutionalism. [ABSTRACT FROM AUTHOR]

Copyright of Istanbul Journal of Economics / İstanbul Iktisat Dergisi is the property of Istanbul Journal of Economics / Istanbul Iktisat Dergisi 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.)

During the twentieth century, Joan Robinson introduced Marx's political economy into academic discussions of economic thought. This article argues that Robinson's work generates a proposal for academic integrity in economic ideas through an ethical vision of Marx's discourse and an epistemic critique of orthodox economic theory. Robinson's research shows that economic theory has been characterized by hiding the interests of the bourgeoisie, consolidating an "unethical behavior". Following Macfarlane's (2009) work on virtue theory, it is possible to identify in Robinson's production virtues that can enhance the academic integrity of economists.

Copyright of Iberian Journal of the History of Economic Thought is the property of Universidad Complutense de Madrid 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.)

Copyright of Interventions Économiques is the property of Association d'Economie Politique 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.)

The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern money, which uses the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions.