Theodore P. Lianos

• Athens University of Economics and Business

In this paper we extent the literature on the rate of return to investment in Higher Education towards studies in distance learning Universities. In particular, we explore the difference in returns between graduates of a distance learning university (the Hellenic Open University - HOU) and applicants that were excluded by this university’s random s...

Any discussion about the future of capitalism requires an understanding that capitalism is a socioeconomic system, not a human being, that there are endogenous and exogenous factors that affect the results of its operation, that the dimension of time is important, that the interconnection of various events (economic, political and social within a c...

Declining growth rates, huge differences of wealth within and among countries, high rates of poverty even in developed and wealthy countries, armed conflicts with many deaths every year, organized crime and corruption, and the state of the environment including climate change are problems that will determine the future of capitalism. These problems...

Capitalism has problems but is not going to disappear nor is there danger of a revival of socialism. The problems of capitalism can be serious but can be solved by appropriate State interventions. The free operation of the markets needs the help of the State, and the help of the State can be given only as long as the tax revenues allow it. As long...

Capitalism as a “grow or die” system cannot survive on a planet with limited resources. In addition to the steady-state economy several alternative models have been proposed as possible successors of the present-day capitalism. These are the green capitalism or green economy model, the de-growth model, the eco-socialism model, the participatory mod...

With increasing world population and limited land and natural resources total agricultural product will reach its maximum level as a result of the law of diminishing returns (or the law of the minimum). As agricultural production approaches the upper limit and the Earth’s population increases, the problem of food shortage will become more pressing...

Nothing is forever. Capitalism had a beginning and therefore it must have an end. Social revolution according to Karl Marx and Friedrich Engels, a tendency toward self-destruction according to J. Schumpeter will overthrow capitalism. Modern Marxists of various shades also expect to see the end of capitalism. Eco-socialists see the end of modern cap...

The future of capitalism is unknown but it will not be pleasant. The economic and social inequalities are widening, economic and financial crises are ever present, the foundations of economy and society are collapsing, the development and introduction of advanced technologies replace labor and make people redundant, and the international anarchy ar...

Humans are the beings with the greatest population increase on Earth and the world population has exceeded eight billion. The expanding economic activity has created a gap between the need for and the supply of natural resources, and the ecological footprint now exceeds biocapacity by 70%. There are limits to Earth’s capacity to supply resources an...

A global food crisis is inevitable and that it is very likely, almost certain, to bring about major political and economic changes around the world. The large existing differences in wealth and in the way of governance of the various countries are sure to determine the way to deal with the crisis. The availability of arable land, the density and co...

Capitalism has a good chance of survival if it chooses the steady-state economy model, which is based on population stability and ecological balance. At present, the probability of this scenario happening is nil. Ignorance, lack of political will and big economic interests do not favor the making of decisions and policy measures which could reverse...

Capitalism is a system based on private property of the means of production and its functioning rests on the operation of free markets and free choices within a legal framework and the rules of the State. It is often characterized as a “grow or die” system that favors overconsumption and overpopulation. Some authors like to characterize capitalism...

Businesspeople and politicians seem to be afraid that population reduction will be accompanied by economic recession. In this paper we examine the experience of some countries of various sizes in which population has been declining and observe how GDP, GDP per capita, unemployment rate, and labour force participation rate are evolving during the pe...

The basic ideas of the modern steady-state economy model can be found in the writings of the two major ancient Greek philosophers, Plato and Aristotle. Plato in his Laws and Aristotle in his Politics discuss the optimal relationship between population and available land that would give enough wealth to the city and allow the citizens to enjoy the b...

The relationship between population growth and economic growth is examined. Evidence is provided on the direction of causality between population and GDP in five industrialized countries (US, UK, Germany, France, and Italy) for the periods 1820–1938 and 1950–2016. Using Toda-Yamamoto Granger causality tests and Sims causality test it was found that...

The Journal of Population and Sustainability Vol 6 No 1

There are several theories claiming that their policies can save the planet from environmental catastrophe. This paper claims that it is only the Steady-State Economy model on which such reasonably effective expectations can be based. This is so for two reasons. First, the SSE is based on a clearly defined economic model which is presented graphica...

Read the article at https://rdcu.be/ce0F4 Many criticisms have been raised against the use of GDP as a measure of economic welfare. Although these criticisms may be justified, GDP arguably seems to remain the best measure of economic activity and could not be easily abandoned. It could, however, be adjusted for the ecological deficit that the prod...

There is no doubt that the climate change and the unequal distribution of income (and wealth) are the two major problems of our time with tragic consequences if we fail to deal with them in time and in the right way. However, the general public is either not interested or not informed or feels powerless and therefore indifferent and inactive. In re...

Since 1978, an important literature has been developed on the relationship between gross national product and energy. The obvious interest in this relationship is a result of the global interest in reducing the use of energy without impairment of economic growth. Most studies do not have an economic model underlying the statistical models. In the a...

Felling trees, furthering malaria: links between deforestation and disease in developing nations KELLY F. AUSTIN The impact of reproductive health services on armed conflict in Afghanistan STEWART BRITTEN AND WAHIDA PAIKAN Environment, poverty and the steady state economy THEODORE P. LIANOS Sustainability of equality: a paradox for democracy STEVEN...

Environmental degradation and inequality of income and wealth are two major global problems at the present time. This paper suggests that a steady state economy offers solutions for both problems. It argues that if the world population is drastically reduced and remains constant at a low level ecological balance can be achieved and, at the same tim...

In this paper we extend the literature on the rate of return to investment in Higher Education towards studies in distance learning Universities. In particular, we explore the difference in returns between graduates of a distance learning university (the Hellenic Open University-HOU) and applicants that were excluded by this university"s random sel...

In this paper we extent the literature on the rate of returns to Investment in Higher Education towards studies in distance learning Universities. In particular, we explore the difference in returns between, on one hand, graduates of a distance learning university (the Hellenic Open University - HOU) and on the other hand, graduates from two tradit...

Special issue of the Journal of Population and Sustainability on Economic Growth. Papers by: DAVID SAMWAYS - Editorial Introduction – Special Issue: Economic Growth. HERMAN DALY - Envisioning a Successful Steady-State Economy. GRAEME MAXTON - Rethinking Everything JEROEN C.J.M. VAN DEN BERGH - Agrowth instead of anti- and pro-growth: Less polarizat...

This paper reviews briefly the idea of a steady state economy from the ancient times to the present. It discusses some of the suggestions made by H. Daly in his model of a steady state economy and particularly the idea of a stable population. It suggests that population must be stable at a level that is compatible with ecological equilibrium. That...

Overeducation of university graduates is considered by many theories as a market phenomenon resulting from market imbalances, market imperfections, and/or job mobility restrictions. Thus, overeducated individuals are often considered as “victims” of labour market misfunctioning, as they are not responsible for the appearance of their overeducation....

Traditionally, university education (UE) has been considered as an investment in human capital. In the last two decades, however, there is a transitional refocusing that people, by holding a university degree, enjoy certain intangible benefits, such as a lasting feeling of self-fulfilment and self-esteem, i.e., they simply treat UE as a consumption...

The satisfaction of students acquired by their tertiary educational experience can be seen as one of the main satisfactions shaping their overall life satisfaction and professional life after their graduation. Student satisfaction is especially important for Universities operating under paid tuition fees, as this may affect both the student retenti...

Full paper: https://rdcu.be/5yo7. This paper is an attempt to estimate the level of sustainable welfare, namely a level of consumption that can be enjoyed by all future generations. Based on available measures of the ecological footprint and biocapacity, and assuming an acceptable level of per capita consumption, we estimate the maximum level of wo...

This paper is an attempt to estimate the level of sustainable welfare, namely a level of consumption that can be enjoyed by all future generations. Based on available measures of the ecological footprint and biocapacity and assuming an acceptable level of per capita consumption, we estimate the maximum level of world population, which will allow th...

This study examines the size and motivation for remittances of returned migrants, based on the survey data taken in six countries (Bosnia-Herzegovina, Bulgaria, Georgia, Kyrgyz Republic, Romania and Tajikistan). In addition to the usual factors that are used in economic analysis to determine the size of remittances (i.e. income, marital status, fam...

In his Ways and Means or Poroi Xenophon discusses the effects of changes in demand and supply of various commodities on their prices. He also discusses changes in the supply of silver and it seems that he exempts silver from the effects of the market mechanism. Various authors suggest that this exemption is an error on Xenophon's part or that he is...

The fact the resources of the earth are limited implies a budget constraint for the world economy, under the assumption of preserving the natural capital. Using recent data on the ecological footprint, the world product, and population, it is estimated that we are currently located in a non-feasible area. It is also estimated that if the present le...

The present paper is a case study of the remittance behavior of immigrants in Greece. In addition to some of the usual factors affecting remittance behavior, it examines five factors than have received little attention in the literature: relative deprivation, existence of property in the country of origin, expectation on inheritance, stability of e...

This paper examines the factors affecting immigrant remittances on the basis of the experience of immigrants to Greece. In addition to factors commonly used in similar analyses, we examine two new ones: stability of employment and relative deprivation. Our results show that the stability of employment has no significant effect on the decision to re...

This paper examines the factors affecting the employment decision of return migrants. We use data from Bosnia-Herzegovina, Bulgaria, Georgia, Kyrgyz Republic, Romania, and Tajikistan in which we can examine three categories of occupational status: salaried employment; self-employment without employees; and self-employment with employees. First we e...

Abstract1In this paper we study the factors altering the probability of migrants to acquire additional on‐the‐job skills while abroad, and the determinants of their earnings level, using a sample of 6120 returned migrants from Bosnia, Bulgaria, Georgia, Kyrgyz Republic, Romania, and Tadjikistan. We use a two‐stage procedure to estimate a system of...

This paper provides a welfare analysis of the Greek cotton market and obtains an estimate of the distributional weights implicit in the postulated welfare function of agricultural policy makers. The estimate of that weight depends, as might be expected, on the elasticity of supply and the difference between the support price and the market price. F...

The recent migration flows to Greece include some very highly educated people, who are employed as unskilled and manual workers. This paper examines the extent of overeducation of university graduates - both Greeks and immigrants - in recent years. It is found that overeducation among immigrants is about twice as high in comparison with Greeks. Pro...

Greece is ranked among the first countries of the world in terms of student migration, while compared with other EU countries Greece has the highest number of students studying in other member states. Although the issue of migrating Greek students is constantly analysed in the newspapers, and often in relation to the educational policy adopted in G...

Data on illegal migration to Greece have recently become available from the Greek Employment Observatory. This article presents some descriptive characteristics of the migrants, including country of origin, marital status, education, age, profession and place of residence. It also provides an analysis of migrants' choice of location within Greece....

This paper applies the recently developed cointegration techniques to test for a long-run equilibrium among real wages and the average productivity of labour as implied by profit maximisation in the Greek manufacturing sector. We find evidence for a profit-maximising equilibrium and for adjustment towards this long-run equilibrium through nominal w...

This article examines the flow of migrant remittances from Germany, Belgium, and Sweden to Greece. The statistical analysis uses the following determining factors: migrant's income, family income, the rate of interest, the rate of inflation, the exchange rate, the rate of unemployment, and the number of migrants. The results of this study reaffirm...

"In this study we review the literature regarding the theory and the empirical evidence regarding migrants' remittance behavior, and we examine the flow and determinants of remittances from Greek migrants for the period 1961 to 1991. The main body of data is for remittances to Greece from Germany, but for some years data are available for remittanc...

"The purpose of the present study is to enhance knowledge on the impact of illegal immigrants in Greece from both Eastern European and other developing countries. Our analysis is based on direct survey information from the four regions in Greece which employ considerable numbers of illegal aliens." (SUMMARY IN FRE AND SPA)

In a recent paper (1994) in this journal, Elias L. Khalil makes two claims. First, he contends, the law of the tendency of the rate of profit to fall is not unique to the capitalist mode of production but it is equally valid in a socialist economy. Second, a decline in the rate of profit in a socialist economy would engender crises as would be the...

The present paper examines the behavior of profit rate differentials of the manufacturing sector of the Greek economy for the period 1963-86. Specifically, we examine the stability of profit rate differentials over time, the existence of a given hierarchy of profit rates and the effect of the business cycle on the profit rate differentials. We find...

This paper presents a model of the beef sector of the Greek economy. Central to the model is the cattle inventory, the number of slaughterings, and the weight per animal. The model has been estimated with data for the period 1966-87. The behavior of this model is examined for the period ending in 1997 by means of simulation under the assumption tha...

The objective of this article is to evaluate empirically the profit rate persistence in the case of the Greek manufacturing industry (1963-88). More specifically, we address ourselves to two questions: first, do industrial profit rates eventually converge on a common rate? and secondly, what are the factors that affect the speed of adjustment of in...

This is an empirical paper that examines some of the detenninants of wage and salary shares within the theoretical framework of Kalecki and the Post Keynesians. In tenns of empirical studies, this is a rather unexplored area with a small number of published studies restricted to the experiences of U.S. and U.K. industries. In this study we present...

This is an empirical paper that reports estimates of some basic marxian variables for the Greek manufacturing sector for the period 1960-1983. It is shown that the organic composition of capital follows an increasing trend while the rate of surplus value and the rate of profit fluctuate with no apparent trend. It is also shown that the productivity...

The argument of this paper is that, despite claims to the contrary, Marx provided the theoretical underpinnings necessary for the construction of a model of price determination. The paper shows how under competitive conditions the Marxian concepts of individual value, market value, market price, and price of production can become parts of a unified...

The paper presents a synthesis of Marx's views on the rate of interest as they appear in Capital. It explores the relationship between the rate of profit, the rate of profit of enterprises and the rate of interest. It attempts to unify Marx's comments on the demand for and supply of money capital in a framework that relates the movements of the rat...

A very interesting discussion, of a theoretical and historical nature, has centered on the examination of two types of tenancy and their relative efficiency. The two dominant types of tenancy are cash renting and cropsharing.The main issue debated is whether or not cropsharing is inefficient and leads to the loss of agricultural production. -from A...

Although the average farm size in Greece has increased since 1960, there has been no decline in the percentage of farms in the smallest-sized group. The continued existence of these small farms can be attributed to part-time farming, and to the farm-family life cycle. In addition, the lack of alternative investment opportunities retards the change...

In a recent issue of the Monthly Review (December 1980) Nicos Mouzelis has provided us with a new discussion of an old question. On the basis of what criteria can one classify an economy as developed or underdeveloped? Although it would appear that the problem of methodology is important and should be treated explicitly, Mouzelis prefers to examine...

The author presents estimates of the total volume of return migration from the Federal Republic of Germany to Greece and an analysis of the relationship between emigration and return migration. In particular, the hypothesis that return migrants may emigrate a second or third time to the same destination is considered. Data are for the period 1959 t...

Keynes's principle of effective demand constitutes a pillar for Post Keynesian theories. But Keynes's presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is, then, to demonstrate how these entrepreneurs (whose only concern is making profits) are led to genera...

This study is an empirical investigation of the nature of technical change in the Greek manufacturing sector. From the analysis which is based on a production function that allows for non-unitary elasticity of factor substitution and factor augmentation, it is shown that (i) the efficiency of capital grows twice as fast as that of labor, (ii) the r...

[Δε διατίθεται περίληψη / no abstract available]

The present paper reports an attempt to estimate the elasticity of capital-labor substitution, and the rate of technical change in the manufacturing sector of the Greek economy. It is found that the elasticity of substitution exceeds unity, and the annual rate of neutral technical change is e0.05 = 1.05. It is concluded that because of the case of...

A Marxian analysis of labor exploitation in American agriculture has indicated that the rate of exploitation has increased more than seven times from 1949 to 1968. Exploitation is defined in a relative sense as a declining of the income share of workers relative to that of capitalists. Labor is defined to include both hired and family workers. Whil...

Summary The paper deals with the problem of labor remuneration in American agriculture over a twenty-four year period. The analysis is carried out within a neoclassical framework. Thus, it explicitly addresses the question of whether agricultural workers have been paid according to the value of their marginal productivity. To this end, a model of f...

This is a well-grounded restatement, defense, and development of the theory of income distribution in both its micro- and macro-economic aspects. The author, an authority in the field who has spent many years developing the ideas in this book, balances neoclassical theories with Keynesian and "radical" approaches. He considers income distribution t...

This paper investigates the effects of minimum wages on agricultural employment in the southern U. S. The principal result was that the introduction of minimum wages decreased the employment of hired and total (hired plus family) labor. Estimates of employment reduction of hired labor due to minimum wages are provided.

In the construction of econometric models, the need frequently arises to test the significance of coefficients whose distribution is a ratio of two normal random variables for which no statistical tables exist. In this article the distribution of such a ratio, emanating from a partial adjustment model, is empirically approximated by utilizing Monte...

The sources of change in the relative share of labor in the American agricultural sector are examined within the framework of neoclassical production theory. It is found that the observed decline in labor’s relative share is due to the increasing capital-labor ratio adjusted for changing efficiency of factors and to the elasticity of substitution w...

44th EAAE Seminar on Small Scale Economies in a Large Integrated Economy: An Agricultural Perspective