Shackle on time, uncertainty and process

This paper is intended both as a contribution to the conceptual work on process in economic thought and as an attempt to connect a non-institutionalist, non-evolutionary thinker to it. The paper has two principal objectives: (i) to delineate a broad, philosophically grounded conception of what an economic process theory (EPT) is; and (ii) to locate the contributions of George Shackle within this broad conception of EPT. In pursuing these two objectives, I hope to draw out the originality and significance of Shackle’s economics with a particular emphasis on what he adds to process conceptions developed within other heterodox traditions such as institutional and evolutionary economics. I will also highlight some of the perceived limitations of Shackle’s approach and link them to the limitations of process philosophy.

Few choices under work choices

This paper sets out the history of the philosophical understanding held by the major political parties towards the governance of the Australian industrial relations system. In so doing it notes there has been a long legacy of socialist and conservative political and ideological support for mediating industrial conflict through the institutional agencies provided by conciliation and arbitration tribunals. The discussion notes the erosion of this legacy under the recent ascendancy of neo-liberal political and neo-classical economic thought, an ascendancy that has seen a significant retreat of state responsibility for mediating relations between the two sides of industry in the name of improving business productivity and national economic outcomes. The passing of the Workplace Amendment (Work Choices) Bill 2005 is the latest legislative manifestation of this thinking. This paper challenges the labour market assumptions and expectations of the Bill by arguing that equality in bargaining power between the two sides of industry in the manner afforded by conciliation and arbitration tribunals is essential for any genuine and lasting prosperity to exist between labour and capital.

Work choices : a fair go gone

This paper sets out the history of the philosophical understanding held by the major political parties towards the governance of the Australian industrial relations system. In so doing it notes the legacy of socialist and conservative ideological underpinnings of political support for industrial mediation in the form of conciliation and arbitration tribunals. The discussion notes the recent abrogation of this legacy under the political ascendancy neoclassical economic thought. It challenges the labour market assumptions upon which this thought is based, and in so doing argues against the asserted merits of the proposed Workplace Amendment (Workchoices) Bill 2005.

Trajetória das idéias econômicas no Brasil

Nestes últimos 50 anos o pensamento econômico tem conquistado um enorme espaço nas ciências humanas e os economistas brasileiros tornaram-se atores políticos de primeira grandeza, tendo participado das decisões mais importantes do Estado brasileiro. Porém, nem sempre eles registraram suas idéias ou revelaram em artigos e livros seu pensamento mais íntimo e os mecanismos do poder econômico. Recentemente foram realizadas entrevistas, que têm iluminado ângulos obscuros dessa ação teórica e prática e vem trazendo a baila as polêmicas e as dúvidas dos economistas brasileiros. O objetivo deste trabalho é analisar os depoimentos dos principais economistas brasileiros contidas das duas séries de entrevistas de Rego, aprofundar suas idéias e demarcar suas diferenças sobre as questões mais importantes da história do pensamento econômico brasileiro.

Os impactos da agroenergia no mercado de terras: dinâmica de preço e elasticidade de uso

Este trabalho tem como objetivo construir um referencial teórico que auxilie no entendimento de como a Agroenergia poderá impactar o mercado de terras no Brasil. Posteriormente, analisar os reflexos desta nova conjuntura no coeficiente de elasticidade de uso da terra, para a cultura da cana-de-açúcar, no Estado de São Paulo, após a introdução dos veículos flex-fuel no mercado brasileiro. Os aspectos relacionados ao mercado de terras, suas definições e características de uso, têm sido objeto de estudo de muitos pensadores e economistas, desde o final do século XIX. Motivado por esta afirmação, procurou-se realizar uma revisão de literatura para entender as diferentes linhas do pensamento econômico em relação às principais variáveis que compõem a formação de preço e a dinâmica do mercado de terras. Segundo a teoria neoclássica, o valor da terra está intrinsecamente associado à sua capacidade de produção. Aliado a esta característica, também é fundamental entender os atributos da terra como ativo real, seja na expectativa de ganhos de capital ou reserva de valor. Com o intuito de contribuir para esta discussão, foi proposto um fluxograma, que identificou como as variáveis deveriam se correlacionar e impactar na formação do preço das terras agrícolas. É possível afirmar que, no curto prazo, a Agroenergia impactará o valor das terras agrícolas, via preço das commodities, características de ativo real, especialmente na aposta de ganhos de capital e devido ao aumento das políticas governamentais relacionados à produção de biocombustíveis. Em relação ao coeficiente de elasticidade da área de cana-de-açúcar, em São Paulo, em relação a expectativa de preço da tonelada equivalente de ATR, para o açúcar e o etanol, observou-se que a cultura de cana-de-açúcar se tornou mais sensível às variações no preço da tonelada de ATR, expandindo a área cultivada com uma menor variação na expectativa de preço, após a introdução dos veículos flex-fuel no mercado nacional.

A proposta do estado empregador de ultima instância e o experimentalismo democrático: uma reflexão teórica sobre a compatibilidade desses dois programas

This paper aims to make a theoretical reflection on the theoretical compatibility between the program State Employer of Last Resort (ELR) and the Democratic experimentalism (ED). The ED arises in political thought as an alternative to neo-liberal and social democratic programs in order to rescue the discussion about the institutional organization of society and the market economy. About the involuntary unemployment, it proposes tax changes incidents on payroll and proposes work fronts to the most vulnerable or poorly trained. The hypothesis of this paper is that this approach is compatible with the ELR program, the post- Keynesian line. The ELR is presented as transgression of the mainstream of economic thought by proposing that the State acts as guarantor of employment, working as a stabilizing anchor for the economy. On the edge, the ELR proposes eliminate completely involuntary unemployment. The implementation of the ELR, however, requires the construction of institutions that aim to remake the market economy, as well as deepen and energize politics and democracy, goals that are part of the ED program. Thus, the ED would, in theory, an environment conducive to innovative policies guarantors of training and occupation of the individual, essential for their emancipation institutional environment. In Brazil, which has serious infrastructure problems and qualification of manpower, such a program has enormous potential benefit. However when transposed to the Northeast of Brazil through the Plan for the region based on the principles of the ED and the hypothetical coupling to the ELR could not confirm or reject the hypothesis sub-compatibility of these two theoretical frameworks. The findings point to a partial convergence between these two programs

Technological change and structuralist analysis

Includes bibliography

Raúl Prebisch and the development agenda at the dawn of the twenty-first century

Includes bibliography

Macroprudential policy: an institutionalist interpretation

One of the consequences of the recent international economic crisis has been the demand for new economic policy tools, to add to the well-established monetary, exchange-rate, and fiscal policy mechanisms. In particular, more effective ways are needed to regulate the financial system and prevent the emergence of imbalances that affect the real economy. In that context, macroprudential policy has been singled out as another economic-type public policy which could help maintain financial stability. Nonetheless, the discussions and development of the literature on this topic are founded on pragmatic considerations that are not directly related to the orthodox or heterodox schools of economic thought. So the aim of this article is to provide an institutionalist reading of macroprudential policy, to understand it in terms of the theoretical content of institutional approaches.

O econômico na geografia: influências do pensamento econômico na produção geográfica (1970-2001)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

As decisões de investimento e a instabilidade financeira

Initially, the text handles the theories of ancient classical and changes with the emerging of the debates of the schools of economic of Keynes and Kalecki. Over the years, from 1930 onwards, investment theories were debated and modified by various schools of economic thought. One of the debates that stands out in this work are the theories of Minsky that will bring new reformulations to Keynesian theory and a greater focus on psychological factors as determinants of investment decisions. Through financial instability hypothesis Minsky explains how the decisions to invest and the access to credit cause instability to financial system. Finally the work will show how access to credit is material when companies decide to invest and how these investments are often handled due to information asymmetries in the market. The financial institutions seek to maximize their profits while dribbling moral hazard and adverse selection, and thus the government needs to intervene once in a while as a regulator to maintain the solvency of the system

Os rumos do desenvolvimento nos anos 50: as visões da Cepal e de Roberto Campos Araraquara – SP 2012

In the decade of 1950, the economic policies almost in their entirety, are aimed at promoting domestic industry, culminating finally in the most consistent action planned in favor of industrialization in the economic history of Brazil: the Plano de Metas (Goal’s Plan). This study aims to analyze the Brazilian planning at this moment studying the proposals in the economic thought of the Economic Commission for Latin America and the Caribbean (ECLAC) and Roberto de Oliveira Campos, divergent, but both connected to important reports of the Brazilian economy developed in the period, which served as the basis for policies at the period and even Goal’s Plan, and with enormous influence on the decisions of the 50s. The first one was the most important school of thought in the Third World. Campos was one of the most important thinkers of the economy in the period, one of the most consistent critics of ECLAC, and their proposals were very close to what was actually executed. The paper concludes that, despite the importance of ECLAC thought, this encountered difficulties applying workable solutions to economic growth. The eclectic tone of Roberto Campos brought clarity to his proposals, and these, when applied, have led to growth

El depósito irregular de dinero: una aproximación teórica, histórica y ética

El análisis económico de las instituciones jurídicas ha adquirido una importancia considerable en los últimos años. Precisamente, el objetivo esencial de este trabajo se centra en el estudio del análisis económico del contrato de depósito irregular de dinero mediante tres enfoques metodológicos diferentes. El primer capítulo de este trabajo analiza la naturaleza jurídica del contrato de depósito irregular de dinero, examinando las principales características respecto al contrato de préstamo o mutuo. Igualmente, este capítulo estudiará la lógica jurídica propia de ambas instituciones, y cómo los principios generales del derecho fueron descubiertos desde el derecho romano clásico. El segundo capítulo trata de analizar la historia de los hechos económicos y, en particular, el proceso histórico de la violación de los principios tradicionales del derecho en relación al contrato de depósito irregular de dinero. Por último, el capítulo tercero examina los distintos intentos doctrinales realizados para elaborar un nuevo tipo de contrato de depósito bancario de dinero, con el único objetivo de legitimar un sistema bancario con un coeficiente de caja de reserva fraccionaria.

Francisco Valsecchi y las peripecias de una axiología económica católica en la Argentina del siglo XX

El recorrido intelectual de Francisco Valsecchi (1907-1992) en la historia de las ideas económicas católicas muestra las inflexiones teóricas de una axiología derivada de la Doctrina Social de la Iglesia. Sin embargo, las condiciones históricas del desarrollo de una economía católica en la Argentina y las transformaciones sociales, económicas y políticas del periodo 1930-1970 incidieron sobre las tendencias conceptuales de esa axiología en apariencia perenne. Para explicar los cambios operados se sigue la trayectoria de Valsecchi. Se muestran las fases principales de sus posiciones, destacando tres momentos fundamentales coincidentes con los tres momentos de la economía católica en la Argentina. Al mismo tiempo se muestra la curva teórica de los economistas católicos, que los aleja de una propuesta propiamente católica de una economía política para concentrar su punto de vista en la dimensión ética de las prácticas empresariales. El recorrido intelectual de Valsecchi revela el pasaje de una visión crítica de la economía predominante en 1930 a una funcionalidad con la propuesta en clave antipopulista por las clases propietarias en 1970.