Journal of Economic Issues (J ECON ISSUES )

Publisher: Association for Evolutionary Economics, ME Sharpe

Description

  • Impact factor
    0.32
  • 5-year impact
    0.49
  • Cited half-life
    0.00
  • Immediacy index
    0.08
  • Eigenfactor
    0.00
  • Article influence
    0.15
  • Website
    Journal of Economic Issues website
  • Other titles
    Journal of economic issues, JEI, JEI. Journal of economic issues
  • ISSN
    0021-3624
  • OCLC
    1754544
  • Material type
    Periodical, Internet resource
  • Document type
    Journal / Magazine / Newspaper, Internet Resource

Publisher details

ME Sharpe

  • Pre-print
    • Archiving status unclear
  • Post-print
    • Author cannot archive a post-print version
  • Restrictions
    • 18 months embargo
  • Conditions
    • Authors pre-published version
    • Must be clearly marked as pre-published version
    • Author or Authors Institution Only
    • On author's or institution's web site only
    • Publisher copyright and source must be acknowledged
    • Must link to publisher version
    • Deposit may be made immediately on authors secure institutional intranet
  • Classification
    ​ white

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: We briefly describe the recent evolution of the crisis and, by reviewing some of its explanations based on different theories, we proceed towards our own interpretation. The deregulation wave of the last decades has created new profit opportunities in various contexts – from labour flexibility to privatisation, from financialisation to globalisation – so promoting a renewed process of capitalist accumulation after the stagflation of the 1970s. This has taken place at the cost of a wide-ranging increase of inequality and instability, thus implying a crescendo of crises until the last one (and maybe beyond).
    Journal of Economic Issues 09/2014; forthcoming.
  • [Show abstract] [Hide abstract]
    ABSTRACT: The central cause of all recent financial crises (including the Asian financial crisis, the European debt crisis, and the subprime mortgage crisis) was the debt crisis. The primary objective of this study is to examine the principles of risk-sharing promoted by Islamic finance as a possible reform of or complement to the current financial system. The secondary objective of this paper is to explain how and why the famous credit default swaps (CDSs) markets expanded and why they contributed to the recent financial crisis. In addition, I propose a new financial instrument to hedge default risk (credit default sharing) based on the principles of risk-sharing and Islamic insurance, takaful (sharing responsibility and mutual cooperation), as a substitute for CDSs. I explain that credit default sharing can reduce counterparty risk, improve banks' monitoring incentives, reduce systemic risk and contagion in financial systems, and eliminate "empty creditors."
    Journal of Economic Issues 03/2014; 48(1):1-18.
  • [Show abstract] [Hide abstract]
    ABSTRACT: Expanding the results of Carrillo-Hermosilla and Unruh (2006, Journal of Economic Issues, Vol. XL No. 3), the study described here aims to identify and evaluate the relationships existing between the main characteristics of industries and the attributes of the technology standardization processes in them. To achieve this goal, six different sensitivity analyses were carried out on the effects of incremental modifications in the parameters of our agent based model (ABM). Long term stability, or persistent standards, appear to require, in addition to increasing returns, other variables such as a low innovation rate, high user survival rates, durable capital, high switching costs and/or high barriers entry. These results of the simulation allow us to corroborate a number of intuitions from economics while drawing attention to less obvious relationships, suggesting possible lines of empirical research to confirm and expand on the insights presented herein.
    Journal of Economic Issues 01/2014;
  • [Show abstract] [Hide abstract]
    ABSTRACT: Do countries with serious inequality problems make a greater effort? Is equity a key element in social spending budget design? We have attempted to answer these, and other, questions throughout this article. The objective of this work is to analyze the economic and institutional factors influencing to a greater or lesser degree of social spending in the 27 countries that make up the EU. To this end we have used a data panel for a period of eleven years and added further variables to those generally used such as income distribution, the poverty rate, governing party ideology, the index of economic freedom and belonging to the euro zone. The results obtained prove that the estimated model is robust and that economic development, economic freedom and the establishment of the euro have all led to greater social spending. However, greater income distribution inequality has not led to an increase in items of social expenditure.
    Journal of Economic Issues 09/2013; XLVII(3):745-763.
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    ABSTRACT: This paper explores the meaning of Veblenian instrumental value from the perspective of two strands of twentieth-century systems literature: the theories of Niklas Luhmann and C. West Churchman. The distinct Veblenian approach to defining instrumental value is in terms of the "generic ends of life" implicated in the development of technological knowledge. Based on Luhmann's work, the paper argues that the complexity of technological knowledge would overburden the individual human mind. Consequently, it needs to be reduced through the institution of the business firm, the meaning of which is shown to be in substituting private ownership and profit-seeking motivation for those segments of technological complexity that cannot be grasped by the individual mind. Churchman's work is utilized to discuss the possibility of attaining instrumental value by "sweeping-in" the complexity that has been reduced by the business firm. This sweeping-in is the task of the Deweyian "public" manifesting itself in law and comparable forms of public regulation. Thus, the proposed systems theory perspective explains pecuniary value as a complexity-reducing device, and instrumental value as the human capacity to preserve sensitivity to those aspects of complexity that are suppressed by pecuniary value.
    Journal of Economic Issues 08/2013; 47(3):673-688.
  • [Show abstract] [Hide abstract]
    ABSTRACT: Latin America has experimented with two development strategies over the last two centuries. The first is “outward-oriented” development based on exports of primary commodities, while the second relies on domestic industrialization from within. A consensus that both models failed to achieve sustainable development in Latin America opened space for rethinking development theory and policy at the beginning of twenty-first century. Nevertheless, the debate lacks the understanding that history is non-linear, which explains why peripheral countries are emulating core countries to promote development. This paper argues that the recurrent inadequacy of development theory is due in part to the dichotomy between history and economics that emerged with the Methodenstreit — a debate about what method was most adequate to undertake social analyses. Development theory presupposes historical specificity, its raison d’etre being the belief that underdeveloped economies function differently than their developed counterparts. A meaningful theory of development relies on a shift from abstractions based on human nature to historically grounded principles.
    Journal of Economic Issues 03/2013; 47(1):113-134.
  • Journal of Economic Issues 01/2013;
  • [Show abstract] [Hide abstract]
    ABSTRACT: Much has been written in the post-World War II era in the United States about the rise of suburbia and development beyond older city boundaries, whether such development has been called urban, suburban, or ex-urban sprawl. Many writers have focused on various issues concerning sprawl, especially on the unintended consequences that new development has had on (among other issues) municipal finances, neighborhood income and residential segregation, and transportation planning. This last one is important since post-World War II development has mostly centered around the automobile in the United States. Over the last decade, a new area in the literature of sprawl has focused on how the “built-environment” of residential areas can impact health. For example, authors have chronicled how sprawled regions have higher auto vehicle accidents per capita, greater obesity rates, worse carbon emissions (due to greater travel by automobile), and delays in emergency medical service responses. This article adds to the latest set of papers on sprawl by empirically estimating the impact of sprawl in metropolitan regions on fire incidents per capita, firefighter response times, as well as property losses, and deaths due to fire. The results of our exploratory analysis indicate that urban sprawl is an important factor in influencing firefighting issues and outcomes in the United States. Moreover, urban sprawl frequently becomes a factor in delayed response to fires which, in turn, could lead to additional deaths and property loss.
    Journal of Economic Issues 12/2012;
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    ABSTRACT: According to the institutionalist position, institutional change is progressive to the extent that ceremonial behavioral patterns are replaced by instrumental ones. This article shows how the ordonomic research program operationalizes and explains the feasibility of progressive institutional change. The key ordonomic argument is that instrumental value is expressed in the inclusive win-win semantics that, by virtue of its very inclusiveness, is capable of transcending the win-lose semantics implicated in ceremonial value. This argument is illustrated with the European growth miracle as the prime historical example of progressive institutional change.
    Journal of Economic Issues 09/2012; 46(3):779-797.
  • Source
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    ABSTRACT: The methodological approaches of Ronald Coase and Richard Posner are compared and contrasted with regard to microeconomic theory and its application to law and economics. The central divide is whether positive transaction cost requires a major reworking of the core of neoclassical price theory (Coase: yes; Posner: no). To provide evidence on this matter, the paper examines Posner’s well-know treatise Economic Analysis of Law and, in particular, his use of two basic price theory tools (downward sloping demand curve; competitive model of demand/supply) for positive and normative analysis of labor markets and labor law. Neither construct is found robust with respect to variation in transaction cost. An alternative positive transaction cost representation of labor demand and wage determination models also reveals that Posner’s conclusions on the efficiency effects of various laws and regulations are not well-grounded. The conclusion, as Coase put forward in his Nobel address, is that core tools of microeconomics are contingent on transaction cost and the institutional structure of production.
    Journal of Economic Issues 01/2012;
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    ABSTRACT: Although informal labor has proliferated in many developing countries, the desire to attract foreign direct investment has often led to a disassociation of the national government from labor regulation at the federal level. Enforcement capacity (and commitment) at the state/provincial level is crucial. We analyze two key newly industrialized countries in Asia, Indonesia and India, comparing their enforcement capacity in the realm of decent work. We highlight the variation in the degree of labor law enforcement found within each country, noting how the different degrees of centralization in each country translate into labor relations and enforcement outcomes. We conclude with some recommendations for policy and practice.
    Journal of Economic Issues 01/2012; 46(2):393-401.
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    ABSTRACT: This paper presents an advance of the investigation in progress on the variation of the level of spatial concentration of economic activity and of the per capita income in the regions of the European Union (EU) and its impact on regional disparities. The first part seeks to place the academic debate on the state of affairs; the second part seeks to provide an approximation to the empirical analysis by studying the uneven impact of the economic crisis on the territory of the EU. The third part aims to provide the main conclusions of the study and some considerations of economic policy among which we highlight the proposal of a Regional Potential Index.
    Journal of Economic Issues 01/2012; 46(2):459-468.
  • [Show abstract] [Hide abstract]
    ABSTRACT: This paper revisits the premises and promises of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It argues that it was based on flawed premises and for that reason failed to lay the foundation for substantive reform. By design, and at the behest of the banks, it lacks the explicit rules and bright lines that are critical to lasting and effective financial regulation. Also missing is a plausible end to "Too Big To Fail" financial institutions, over-leverage, and irresponsible (including fraudulent) risk-taking. The article closes with several concrete suggestions for strengthening regulatory agencies and improving financial regulation.
    Journal of Economic Issues 01/2012; 46(2):549-556.
  • Journal of Economic Issues 01/2012; 46(1):258-259.
  • [Show abstract] [Hide abstract]
    ABSTRACT: The European Union (EU) is putting emphasis on the need to change the composition of public expenditures to what, according to the public policies endogenous models, is considered a high quality of public finances (i.e., a higher share of productive expenditures). These recommendations are the same for all EU member states. Together with the fiscal requirements arising from the Maastricht Treaty and the Stability and Growth Pact, EU authorities are promoting a one-size-fits-all fiscal policy model. Our paper analyzes the differences existing in the composition of public expenditures in the EU. If this composition is significantly different, that would mean that in the EU there are differences in the national preferences about the role/size of public expenditures, something that would not allow implementing a single model of public sector and fiscal policy.
    Journal of Economic Issues 01/2012; 46(3):633-659.

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