Przeglądanie według Temat "Keynesian theory"

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Analiza zróżnicowania poziomu rozwoju poszczególnych regionów i ich rynków pracy w Polsce
(Wydawnictwo Uniwersytetu Rzeszowskiego, 2019) Valente, Riccardo
W artykule przedstawiono analizę danych i uwagi teoretyczne, pozwalające wyjaśnić zróżnicowanie regionalne w Polsce na podstawie teorii keynesowskiej oraz stwierdzić, że zróżnicowania dochodu na mieszkańca i kondycji zarejestrowanych na rynku pracy są ściśle między sobą powiązane. Zwrócono także uwagę na to, że interwencje publiczne, wspierające dochód na mieszkańca i poprawiające kondycje na rynku pracy w regionach słabo rozwiniętych, stanowiłyby skuteczne narzędzie nie tylko w zwalczaniu ubóstwa i bezrobocia, ale również we wsparciu możliwości zysku dla przedsiębiorstw w tych obszarach oraz stymulację ich rozwoju. Na podstawie dokonanej analizy różnicowanie regionalne w Polsce jest rzeczywiście dobrze wyjaśnione za pomocą podejścia keynesowskiego, a szczególnie modelu wzrostu gospodarczego opracowanego przez polskiego ekonomistę Michała Kaleckiego w 1968 roku przy jego uzupełnieniu z innymi uwagami teoretycznymi opracowanych przez autorów tego samego nurtu, które opiera się na zaakcentowaniu roli popytu zagregowanego w długookresowym przekształcaniu się głównych zmiennych makroekonomicznych na terenie kraju. Duży wpływ na polepszenie jakości życia w Polsce mogą więc mieć czynniki, które na podstawie teorii keynesowskiej wpływają równocześnie na zwiększenie wzrostu gospodarczego i wydajności pracy, akumulację kapitału oraz wdrożenie i stosowanie innowacji, zwiększenie zatrudnienia i płac. W miejsce propozycji obniżania i zróżnicowania płac minimalnych, jakie można znaleźć w opracowaniach opartych na podejściach teoretycznych bazujących na dorobku autorów głównego nurtu, przedstawiona analiza danych i ich interpretacja wspierałyby więc realizację inwestycji publicznych, interwencje wsparcia dochodu w regionach słabiej rozwiniętych. Przedstawione wnioski wskazywałyby dodatkowo na większą skuteczność interwencji ostatniego rodzaju.
‘Capital’ Accumulation, Economic Growth and Income Distribution: Different Theories and 20th and 21st Century Evidence
(Wydawnictwo Uniwersytetu Rzeszowskiego, 2016) Valente, Riccardo
In present article both different theoretical approaches to linkages between income distribution, capital accumulation and economic growth and an introductory analysis of those variables evolution during 20th and 21st century in main market economies were presented. In first section „mainstream” approach to income distribution and capital accumulation was analysed, pointing out that according to this school of thought a positive linkage between high income inequalities, high capital accumulation and high economic growth can be expected to exist. Second section considered heterodox arguments contesting various „mainstream” arguments based on the role of capital (or investment and saving) supply and demand functions. It was, then, pointed out that, in an integrated Keynesain-Classical approach, rather a positive linkage between low income inequalities, high capital accumulation and high economic growth can be expected to exist. Third section presented data about income inequalities, capital accumulation and economic growth evolution in France, Germany, United Kingdom and United States in the period 1900–2010. Basing on data it was possible to point out that low income inequalities registered in the 1950–1979 period were paralleled by high capital accumulation and economic growth. Higher income inequalities registered in the 1900–1949 and 1980–2010 periods coupled, instead, with lower capital accumulation and economic growth. Heterodox authors’ reasoning was, then, argued to be more in line with 20th and 21st century experience. In the conclusions, integrated inquiry of income distribution, capital accumulation and economic growth linkages and parallel evolution was, thus, argued to be a very fruitful and particularly open to debate field for future researches.
Knowledge-based economy: wealth owners portfolio choices and financialisation. A wealth supply analysis
(Wydawnictwo Uniwersytetu Rzeszowskiego, 2021) Valente, Riccardo
Based on a data and literature analysis as well as autonomous theoretical reasoning and argumentation by the author, the present article discusses the relevance of financialisation and portfolio choice changes under the present phase of development of modern economies. Relying upon the earlier studies by the author which stress that knowledge-based economy can be characterised as a low profitability of investment in physical capital, higher income inequalities, lower physical capital and economic growth rate phase of the development of economic systems, the present work provides variously conceived arguments to support the idea that significant portfolio choice changes by wealth owners are a relevant feature of knowledge-based economy. Some of the implications of the economic theory of the availability of assets other than physical capital and other assets more connected with production needs were thus discussed, pointing out that this leads mainly to the negation of the necessary arrival of mainstream counterbalance mechanisms which support the affirmation of higher physical capital accumulation when higher income inequalities are recorded.
Mainstream and Heterodox Sources of Endogenous Growth: Some Linkages and the Role of Income Distribution
(Wydawnictwo Uniwersytetu Rzeszowskiego, 2016) Valente, Riccardo
Much of the recent „mainstream” literature on economic growth focuses on the role played by factors such as human capital, technical change and innovation, leaving somehow aside the crucial role which physical capital accumulation previously played in economic theory. As underlined in section one, a positive linkage between physical and human capital accumulation is however explicitly admitted by many „mainstream” endogenous economic growth theorists. They, however, accept either assumptions about physical capital accumulation presented in Solow model based on long run Say’s law validity or accept neoclassical factor demand functions, based on marginal productivity. In both endogenous and exogenous „mainstream” growth models, income inequalities are thus assumed to positively affect physical capital accumulation and partially or fully affect human capital accumulation as well. Second section presented heterodox arguments contesting both the concept of monotonous productive factor demand functions and the long run validity of Say’s law. It was, then, pointed out that in heterodox growth theory an independent, and much underestimated by „mainstream” authors, channel of economic growth endogenization can be found. Third section stressed that, once Keynesian long run physical capital accumulation pathdependency from short and long run evolution of aggregate demand and income distribution is considered, a strong positive relation between income inequalities reduction, technical change and both human and physical capital accumulation can be expected to follow. Integration of Keynesian and „mainstream” approaches was argued to could possibly increase the relevance of sources of endogenous growth present in both approaches and to reduce the inopportune long-short run divide still affecting economic theory.
The knowledge-based economy: an integrated macroeconomic and management approach to the analysis of major forces affecting the evolution of modern economies
(Wydawnictwo Uniwersytetu Rzeszowskiego, 2020) Valente, Riccardo
The present article represents the first part of wider research focusing on the development of an authorial interpretation of the phenomena characterising modern economies on the basis of a critical analysis of macroeconomic and management literature. It points out, first of all, the existence of two opposing approaches to the interpretation of phenomena characterising the knowledge-based economy. The first one describes these as a completely new phenomenon requiring the development of theoretical instruments significantly different from those already available. The second one, instead, underlines that the conditions characterising modern economies can be treated rather as an economic system development phase, which, based on income inequalities, economic growth and capital accumulation evolution, resembles a return to trends already observed in the past. The paper presents the author’s proposal of integrating both approaches and knowledge-based economy interpretations as an economic development phase characterised – based on the observed trends and a set of theoretical arguments derived from Keynesian theory and justifying the existence of an acceleration mechanism – by the lower profitability of physical capital accumulation. The conclusions indicate how the existence of such a mechanism and the underlining of such a feature of modern economies suffices, according to the author, to explain both the emergence of different phases of development as well as specific economic phenomena considered typical for the knowledge-based economy in the literature. Forthcoming articles will supplement the present one, focusing on their analysis, leading to the development of a unified interpretation scheme able to explain the main mechanisms and major forces affecting economic system functioning both at a given development phase and in the longer-term perspective.