Essays on the Historicity of Capital

Herscovici, Alain

doi:10.1007/978-3-030-14838-6

Cited by 14 publications

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“…According to Gershovich, "economic value is created by the interaction of actors, especially the asymmetry of information available to the actors concerned, their mimetic behavior and, in a very general sense, their ex post facto behavior" [27]. Consequently, historicity, rather than the assumptions of the rational expectation paradigm concerning individual actors, becomes the core aspect of relational, economic analysis.…”

Section: Discussion Of Resultsmentioning

confidence: 99%

The entrepreneurship ecosystem: stability and dynamism of social norms in digital transformation

Shkalenko

Konstantinov

2021

SHS Web Conf.

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It was concluded that the need to define the essence of social norms is secondary to the development of the concept of such norms in assessing the stability and dynamism of social norms in the legal and economic doctrine of the business ecosystem. The study of the influence of social norms on the sphere of regulation of economic entities’ activity, especially under conditions of technological modernization, suggests that the current Russian economic reality exists in a state of so-called “anomie”. It was found that the polyvalent processing of economic transactions in the entrepreneurial ecosystem can work effectively and efficiently at the organizational level but not at the market level. Accordingly, the economic organization as a form and process of relations is the point of reference for the theoretical architecture of relational economics. In this respect, the governance structure must adapt flexibly to social norms and cope with different but interacting polycontextual decision-making logics.

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Section: Discussion Of Resultsmentioning

confidence: 99%

The entrepreneurship ecosystem: stability and dynamism of social norms in digital transformation

Shkalenko

Konstantinov

2021

SHS Web Conf.

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“…With regard to the neoclassical case, at the aggregate level, Ca / la = Cc / lc As capital is valued in quantities of corn, these quantities do not depend on the variation of w and r, and Ca / la = Cc / lc for any value of r and w In other words, there is an equivalence between quantities and values (Herscovici, 2019) The implications are as follows: when capital is heterogeneous, it is no longer possible to reason in terms of the quantities of capital It is necessary to express this amount of capital in a common unit, that is, in value In this case, the value of a given quantity of capital varies depending on the variation of w and r; now, the variations of r and w determine the C / l ratios The Ricardian differential rent theory highlights the need to reevaluate capital in each period, when it is heterogeneous (Herscovici, 2019) When capital is heterogeneous, it is not possible anymore to verify Ca / La = Cc / Lc, for values of r greater than 0 In other words, the Ca / La = Cc / Lc ratio will only be verifi ed, for all positive values of r, if the economy produces a single good This mechanism highlights the explanatory limits of the theories based on this hypothesis 8…”

Section: The Implicit Hypothesismentioning

confidence: 99%

The reswitching of techniques and its epistemological implications: a deepening of criticism

Herscovici

2021

Brazil. J. Polit. Econ.

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This paper aims (a) to explain the mechanisms from which the problem of reswitching of techniques is formulated and (b) to analyze the implications with regard to the general architecture of neoclassical macroeconomics. I will show how these elements allow refuting the neoclassical theory of income distribution, and why they translate into structural instability. In the first part, I will explain the mechanisms that correspond to the problem of reswitching of techniques; in the second part, I will study the implications linked to the reswitching, with regard to the determinants of income distribution and the equilibrium stability.

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“…Finalmente, no âmbito de uma perspectiva pós-keynesiana, é possível mostrar que o desenvolvimento da especulação se traduz por uma intensificação das desigualdades da renda (DÁVILA et al, 2017;HERSCOVICI, 2019); isso implica obrigatoriamente em uma diminuição do multiplicador de investimento e, consequentemente, em uma diminuição dos efeitos de uma política fiscal.…”

Section: Efeitos De Propagação E Natureza Do Sistema Bancáriounclassified

“…Essa não neutralidade da finança amplia a crítica em relação à economia neoclássica: esta nega a existência de assimetrias de informação e. consequentemente, a existência da especulação financeira (FAMA, 1998;MALKIEL, 2003), tentando manter a primazia da economia real a partir da hipótese do valor fundamental dos títulos financeiros (HERSCOVICI, 2019).…”

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“…A esse respeito, Cardim afirma que a abordagem pós-keynesiana "takes instability as a process, a normal feature of the workings of the financial system" (CARVALHO, 2009). 9 É preciso ressaltar o fato de que as expectativas de curto prazo determinam, pelo menos parcialmente, as expectativas de longo prazo: trata-se de path dependence, o que implica (a) que o sistema não converge rumo a um equilíbrio de longo prazo predeterminado e (b) que haja uma determinação, pelo menos parcialmente endógena das expectativas de longo prazo(HERSCOVICI, 2019). Por outro lado, isso corresponde ao fato que "[w]hat matters is the long-term expectations rather than long-period values"(CAR- VALHO, 1990, p. 288).…”

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Preferência Pela Liquidez, Financeirização E Efeitos De Propagação: Da Não Neutralidade Da Moeda À Não Neutralidade Da Finança

Herscovici

2020

Rev. econ. contemp.

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RESUMO A crítica radical que Keynes faz à teoria dos fundos de empréstimos (TFE) revela a ruptura epistemológica entre a economia keynesiana e a economia neoclássica. Neste trabalho, estudarei a natureza dessa ruptura, mais especificamente no que diz respeito aos diferentes componentes da preferência pela liquidez e aos mecanismos a partir dos quais a incerteza se propaga nas diferentes esferas da economia. A partir dos trabalhos de Kahn e de Cardim de Carvalho, demonstrarei porque à não neutralidade da moeda é preciso acrescentar a não neutralidade do sistema financeiro. Na medida em que a atuação dos agentes se explica por meio de uma teoria da escolha dos ativos, mostrarei como a finança especulativa constitui um ativo específico e como ela exerce seus efeitos de propagação sobre a determinação da taxa de juros e, consequentemente, sobre o setor “real”. Em uma primeira parte, analisarei os fundamentos da crítica que Keynes faz à teoria dos fundos de empréstimos. Numa segunda parte, estudarei, a partir dos trabalhos de Cardim de Carvalho, as relações entre a preferência pela liquidez, a taxa de juros e a finança especulativa.

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Essays on the Historicity of Capital

Cited by 14 publications

References 0 publications

The entrepreneurship ecosystem: stability and dynamism of social norms in digital transformation

The entrepreneurship ecosystem: stability and dynamism of social norms in digital transformation

The reswitching of techniques and its epistemological implications: a deepening of criticism

Preferência Pela Liquidez, Financeirização E Efeitos De Propagação: Da Não Neutralidade Da Moeda À Não Neutralidade Da Finança

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