Cover image for Analytical Political Economy

Analytical Political Economy

Author Luca Zamparelli , Roberto Veneziani
Release Date: 2018/06/01
ISBN: 9781119483366
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Book Description

Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject.

  • Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed
  • Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work
  • Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields
  • Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory
  • Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics

Table of Contents

  1. Cover
  2. Titlepage
  3. 1 ANALYTICAL POLITICAL ECONOMY
    1. References
  4. 2 TAKING STOCK: A RIGOROUS MODELLING OF ANIMAL SPIRITS IN MACROECONOMICS
    1. 1. Introduction
    2. 2. The General Framework
    3. 3. Heterogeneity and Animal Spirits in the New-Keynesian Framework
    4. 4. Herding and Objective Determinants of Investment
    5. 5. Empirical Validation
    6. 6. Conclusion
    7. Acknowledgement
    8. Notes
    9. References
  5. 3 THE AGENT-BASED APPROACH TO POST KEYNESIAN MACRO-MODELING
    1. 1. Introduction
    2. 2. Background
    3. 3. The Financial Instability Hypothesis in AB Models
    4. 4. AB Model Applications in Structuralist-Neo-Kaleckian and Evolutionary Models
    5. 5. SFC-AB Models: Toward a New Benchmark?
    6. 6. Concluding Remarks
    7. Ackowledgments
    8. Notes
    9. References
  6. 4 STOCK-FLOW CONSISTENT MACROECONOMIC MODELS: A SURVEY
    1. 1. Introduction
    2. 2. Basic Principles
    3. 3. Extensions: Finance, the Monetary Circuit and Income Distribution
    4. 4. Modelling the Open Economy
    5. 5. Empirical Models for Whole Countries
    6. 6. SFC and Agent-Based Modelling
    7. 7. SFC Ecological Models
    8. 8. Instead of Conclusion: Onomastics
    9. Acknowledgements
    10. Notes
    11. References
  7. 5 HETERODOX THEORIES OF ECONOMIC GROWTH AND INCOME DISTRIBUTION: A PARTIAL SURVEY
    1. 1. Introduction
    2. 2. A General Framework and Alternative Models
    3. 3. Dynamics
    4. 4. Modifying the General Framework
    5. 5. Conclusion
    6. Acknowledgment
    7. Notes
    8. References
  8. 6 ENDOGENOUS TECHNICAL CHANGE IN ALTERNATIVE THEORIES OF GROWTH AND DISTRIBUTION
    1. 1. Introduction
    2. 2. Neoclassical Growth Theory
    3. 3. Alternative Theories of Growth and Distribution
    4. 4. Classical Closures
    5. 5. Post-Keynesian Closures
    6. 6. Costly Innovation
    7. 7. Conclusion
    8. Acknowledgments
    9. Notes
    10. References
  9. 7 MINSKY MODELS: A STRUCTURED SURVEY
    1. 1. Introduction
    2. 2. Overview and Structure of Minsky Models
    3. 3. Debt or Interest Dynamics
    4. 4 Asset Price Dynamics
    5. 5. Mainstream Minsky Models
    6. 6. Conclusion
    7. Acknowledgements
    8. Notes
    9. References
  10. 8 FINANCIALIZATION AND INVESTMENT: A SURVEY OF THE EMPIRICAL LITERATURE
    1. 1. Introduction
    2. 2. Defining Financialization
    3. 3. Firm Financial Behaviour and Investment
    4. 4. Shareholder Value Orientation
    5. 5. Conclusions
    6. Notes
    7. References
  11. 9 QUANTITATIVE EMPIRICAL RESEARCH IN MARXIST POLITICAL ECONOMY: A SELECTIVE REVIEW
    1. 1. Introduction
    2. 2. The Value Controversy
    3. 3. Marxian National Accounts
    4. 4. Classical Theory of Relative Prices
    5. 5. Probabilistic Political Economy
    6. 6. Profitability Analysis
    7. 7. Classical-Marxian Theories of Growth, Distribution and Technical Change
    8. 8. Conclusion
    9. Acknowledgements
    10. Notes
    11. References
  12. 10 VALUE, PRICE, AND EXPLOITATION: THE LOGIC OF THE TRANSFORMATION PROBLEM
    1. 1. Introduction
    2. 2. What Is Value Theory For?
    3. 3. The Basic Marxian Framework
    4. 4. Classical Long-Period Equilibrium
    5. 5. The Transformation Problem as an Impossibility Result: The Dualist Approach
    6. 6. The New Interpretation
    7. 7. An Althusserian Approach
    8. 8. A Macromonetary Approach
    9. 9. The Temporal Single-System Interpretation
    10. 10. Stochastic Approaches
    11. 11. Conclusions
    12. Notes
    13. References
  13. 11 A PROGRESS REPORT ON MARXIAN ECONOMIC THEORY: ON THE CONTROVERSIES IN EXPLOITATION THEORY SINCE OKISHIO (1963)
    1. 1. Introduction
    2. 2. The Main Developments in Mathematical Marxian Economics from the 1970s until the 1990s
    3. 3. The PR Exploitation by Roemer (1982)
    4. 4. Recent Trends of Exploitation Theory in Political Philosophy and Sociology
    5. 5. Recent Developments of Exploitation Theory in Economics: An Axiomatic Approach
    6. 6. Concluding Remarks
    7. Acknowledgments
    8. Notes
    9. References
  14. 12 SOUTH–SOUTH AND NORTH–SOUTH ECONOMIC EXCHANGES: DOES IT MATTER WHO IS EXCHANGING WHAT AND WITH WHOM?
    1. 1. Introduction
    2. 2. Economic Development and Global Integration within the Global South
    3. 3. Evolving Nature of South–South and North–South Exchanges
    4. 4. Theory and Empirics of South–South Trade and Finance
    5. 5. China and the Emerging South in Africa
    6. 6. Is South–South Still a Meaningful Category?
    7. 7. Conclusion
    8. Acknowledgments
    9. Notes
    10. References
    11. Appendix
  15. Index
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