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This paper constitutes the first chapter in my work-in-progress manuscript, Microeconomic Theory: A Heterodox Approach. Because many heterodox feel that the only micro theory is mainstream micro, the paper starts with a brief rejection of mainstream theory. It then proceeds to give an overview of heterodox economic theory. The third section defines heterodox microeconomic theory and relates it to heterodox value theory. Since heterodox economic theory and particularly microeconomic theory is not already formed, it has to be created. Thus the fourth section of the paper delineates the heterodox methodology of theory creation, which includes critical realism and the method of grounded theory, and discusses various methodological issues such as data, case studies, mathematics and modeling, and econometrics. The following section de...
This is a comment on Mitchell and Wallis (2011) which in turn is a critical reaction to Gneiting et al. (2007). The comment discusses the notion of forecast calibration, the advantage of using scoring rules, the “sharpness” principle and a general approach to testing calibration. The aim is to show how a more general and explicitly stated framework for evaluation of probabilistic forecasts can provide further insights.
We reconsider the effect of economic development on urban unemployment by introducing households with non-homothetic preferences into a sector-specific capital version of the Harris-Todaro model. Contrary to previous studies, this work shows that, while urban development reduces urban unemployment, rural development expands it. As for labor growth, it normally increases urban unemployment.
The main aim of this paper is to know if the real exchange rate misalignment can be consider like a cause of sub Saharan African export’s dependence against raw materials, and, for this purpose, we have assessed, in panel data, the effect of cfa franc misalignment on the manufactured exports of selected cfa economies.
The study presents a model based on 3,375 observations from industrial firms in Pakistan, and the Three-Stage Least Square (3SLS) technique has been applied for the estimation. The results indicate that the Economic Order Quantity (EOQ) of inventories is not a constant magnitude; it is a variable closely associated with 'time trend'. While the ‘buffer stock’ element can be estimated through the constant term of an equation. Receivables from customers show a negative correlation with liquid assets and the cost of production. Receivables are also shown to act as substitute for closing inventories.
This paper illustrates a procedure for fitting financial data with alpha-stable distributions. After using all the available methods to evaluate the distribution parameters, one can qualitatively select the best estimate and run some goodness-of-fit tests on this estimate, in order to quantitatively assess its quality. It turns out that, for the two investigated data sets (MIB30 and DJIA from 2000 to present), an alpha-stable fit of log-returns is reasonably good.
A form of elitism undermines much writing on voter competence. The elitist move occurs when an author uses a self-serving worldview as the basis for evaluating voters. Such elitism is apparent in widely cited measures of “political knowledge” and in common claims about what voters should know. The elitist move typically limits the credibility and practical relevance of the analysis by leading writers to draw unreliable conclusions about voter competence. I propose a more constructive way of thinking about what voters know. Its chief virtue is its consistency with basic facts about the relationship between information and choice.
Using industry level panel data, we study how increasing openness to international markets, including the customs union with EU, have affected the structure and performance of Turkish manufacturing industries over the 1980-1999 period, with special emphasis on the market disciplining role of imports. We find that changes import penetration did not reduce (output-) concentration in concentrated industries, while for the less concentrated industries it had a mildly significant negative impact. It was also observed that changes in import penetration had a significant positive, rather than negative, effect on price-cost margins (PCM) with a one-year lag in high PCM industries; while for the low PCM industries current changes in import penetration had again a significant positive impact on profit margins. Thus, imports do not seem to provid...
The publication surveys the major existing evidence from EUROSTAT and UN/World Bank sources and comes to the depressing conclusion that there is practically no real convergence of social conditions in Europe over the last years. Instead, the gaps between East and West, and between South and North tend to be permanent. A large number of poverty indicators is analysed. The analysis bodes ill for the aims of the Union to become, by 2010, the world's leading market. The analysis is especially pessimistic for the Czech Republic, the Slovak Republic, Bulgaria and Romania. The publication surveys also the latest evidence on Roma poverty and Roma discrimination in the region.
Policy evaluation is a complex task. Most approaches now adopt a mixed method approach combining both quantitative and qualitative techniques. A shortcoming of the standard approaches is that they fail to measure or investigate deeper perceptions of the policy. In this paper the usefulness of projective techniques as a tool for policy evaluation is investigated. Projective techniques are widely used in psychology and consumer studies but their usefulness in policy evaluation has still to be assessed. A simple evaluation is done in this paper by reporting on a study of owner-managers of tradeable-services small and medium size enterprises attitudes to Government e-business policy. The survey included firms from Northern Ireland, Republic of Ireland and New Zealand. Traditional quantitative and qualitative survey techniques were used, ho...
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