Thanos Skouras | Athens University of Economics and Business (original) (raw)
Papers by Thanos Skouras
The Eurozone, and for that matter any free trade non-optimal common currency area, tend to levera... more The Eurozone, and for that matter any free trade non-optimal common currency area, tend to leverage competitiveness, either positively or negatively, for most of their member countries. This leverage effect is an important property of freetrade common currency areas, which has not received the attention it deserves in the relevant literature. A start in the examination of this effect and its implications constitutes the raison d'être of the present work. This booklet consists in the main of two published articles (cited below) that highlight the role of competitiveness in the Eurozone by focusing on the cases of Germany and Greece. The epilogue, which has not been published before, attempts to answer the question of why the Eurozone's leverage effect on competitiveness has been missed in the academic economics literature.
SSRN Electronic Journal, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
Social Science Research Network, 2022
Macmillan eBooks, 1992
Preface A.Sen - The International Economic Association - Acknowledgements - IEA Programme Committ... more Preface A.Sen - The International Economic Association - Acknowledgements - IEA Programme Committee - Local Organising Committee - List of Contributors and Section Leaders - Abbreviations and Acronyms - Introduction T.Skouras - PART 1 FISCAL PROBLEMS AND THE ROLE OF THE STATE - Aspects of the Public Sector in Greece: Post-war Developments and Future Prospects T.A.Georgakopoulos - Some Lines of Action in the Greek Public Sector G.E.Drakos - Structural Policies to Unwind the Greek Fiscal Tangle G.C.Bitros - Fiscal Deficits and the Role of the State M.J.Lambrinides & T.B.Pakos - PART 2 MONETARY POLICY AND BANKING DEVELOPMENTS - Macroeconomic Policies and Performance: Recent Past and Prospects G.Hadjimatheou - Monetary Policy and Financial Markets in the 1990s L.Papademos - Financial Liberalisation, The EMS and the Consequences for Greek Macroeconomic Policy G.D.Demopoulos - Some Thoughts on the Current State and Prospects for the Commercial Banking System E.A.Voloudakis - PART 3 BALANCE OF PAYMENTS AND EXTERNAL ECONOMIC RELATIONS - Exchange Rate Policy Dilemmas in the Presence of Macroeconomic Imbalance M.Constantopoulos - The Effects of Devaluation on Gross Domestic Product in Greece S.A.Sarantides - The Economic Union of the European Community and the Greek Economy: the External Sector E.Pournarakis - The Integration of Greece into the European Community L.Tsoukalis - PART 4 STRUCTURAL ISSUES AND INDUSTRIAL POLICY - Inflexibility and Adjustment of the Greek Economy under Liberalisation A.H.Sarris - Structural and Technological Imperatives in the Light of Development Prospects in the Greek Economy N.Vernardakis - Structural Characteristics of the Greek Economy, with Particular Reference to the Small and Medium Size Enterprises Sector J.Hassid - Shipping and Tourism in the Context of the Greek Economy J.Tzoannos
Social Science Research Network, Mar 18, 2015
The euro crisis is not due to excessive sovereign debt. It is rather due to the European leadersh... more The euro crisis is not due to excessive sovereign debt. It is rather due to the European leadership that is loath to recognize the euro’s flawed architecture and take the steps in the direction of a federal European state, which are needed to complete its unfinished construction. It is particularly Germany’s self-seeking stance, in preserving an institutional setup that serves her well despite its dangers for European unity, which constitutes the main obstacle to overcoming the crisis.
Social Science Research Network, 2019
European Journal of Economics and Economic Policies: Intervention, Apr 1, 2014
The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions... more The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is broadly interpreted as a way of giving precedence to microeconomics in unifying economic theory. Given the micro-theoretical nature of the 'hard core', questioning the Micro-foundations project is tantamount to confronting the 'hard core.' The paper questions the two most fundamental tenets of the 'hard core': maximization of utility and maximization of profit. It concludes that privileging micro over macro theory does not ensure sound foundations of the economics discipline and the Micro-foundations project makes little sense. Consequently, the search for consistency between microeconomics and macroeconomics should best be pursued in terms of a 'bridge' rather than a 'foundations' metaphor.
Social Science Research Network, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
Journal of Economic Studies, Feb 1, 1979
This paper presents, both diagrammatically and algebraically, a two-sector model that exemplifies... more This paper presents, both diagrammatically and algebraically, a two-sector model that exemplifies and shares some of the basic characteristics to be found in the work of Kalecki, Joan Robinson, Kaldor and, in general, the "Post-Keynesian" school of writers. The presentation attempts to make clear some of the main differences between the "Post-Keynesian" approach and the traditional, textbook "Keynesian" model. For this purpose, similar assumptions and conventions are employed, as far as possible, and a simpler one-sector model is introduced so as to provide comparability and emphasise the basic points of divergence. It will be argued that the present model is more general in that, apart from the enhanced insight, it produces all the textbook results along with some interesting new ones that cannot be easily derived by means of the textbook approach. In addition, in its one-sector version, it is not less simple than the traditional approach.
Economic Record, Sep 1, 1974
Journal of Product & Brand Management, Oct 1, 2005
PurposeThe purpose of this general review paper is to provide a comparison and evaluation of the ... more PurposeThe purpose of this general review paper is to provide a comparison and evaluation of the treatment of pricing by the disciplines of economics and marketing.Design/methodology/approachIt is from three perspectives that the marketing and economics approaches to pricing are reviewed, namely, buyers' response to price, firm's determination of price, and industry‐ or economy‐wide role of price.FindingsA comparative review of the relevant marketing and economics literature shows that there are important differences between the two disciplines in their treatment of pricing. Marketing demonstrates a richer and more empirically based treatment of the pricing issue from the buyer's perspective, while economics is unchallenged from the economy‐wide perspective. The differences found between the marketing and economics approaches to pricing are mostly due to their different historical origins, primary concerns and doctrinal evolution. In contrast, interdisciplinary loans especially from behavioral science have made possible considerable advances in marketing, particularly in the understanding of the buyer's perspective.Originality/valuePrevious reviews of the pricing literature do not attempt to provide a direct comparison and evaluation and offer no explanation for the observed differences among the economics and the marketing disciplines regarding their treatment of the pricing issue. The value and originality of the current paper lies in the fact that it represents the first attempt to provide such a comparison and evaluation.
Edward Elgar Publishing eBooks, Sep 26, 2001
Even before the outbreak of the Second World War, Joan Robinson had already made such contributio... more Even before the outbreak of the Second World War, Joan Robinson had already made such contributions to economic theory that guaranteed her a place in the history of economic thought. Her book on imperfect competition and her work, in close association with Keynes, on the theory of employment and output, were at the forefront of economic thinking in these ‘years of high theory’ (Shackle, 1967). Her work since then has covered most aspects of economic theory culminating in her books on the analysis of growth and in her attack on the neoclassical theory of capital and interest in the 1950s and 1960s. It is impossible, in a brief paper, properly to survey Joan Robinson’s work. This is not only because of its volume (her essays are collected in 1951, 1964, 1965, 1973) and variety but also because of its contrast to the dominant and familiar modes of thought in economics.
Economica, Aug 1, 1973
In a recent issue of this Journal, James R. Melvin developed a useful diagrammatic technique for ... more In a recent issue of this Journal, James R. Melvin developed a useful diagrammatic technique for deriving the production possibility curve in the Lerner-Pearce diagram that is analogous to the Savosnick construction in the Edgeworth-Bowley contract box.' Among other things, Melvin produces the proposition that concavity to the origin of the production possibility curve increases around fixed endpoints when in the two-sector model of general equilibrium (i) the elasticity of technical substitution (ETS) between labour and capital falls, and (ii) the difference between optimal factor utilization ratios between the two goods increases. His demonstration is, however, irrelevant to the question of the influence of the ETS and/or the degree of difference between factor utilization ratios of the two goods on the location and shape of the production possibility curve, because, in order to get his fixed endpoints, Melvin has to introduce an appropriate (and arbitrary) change in the factor endowment of the economy, exactly sufficient to permit the economy to produce the same maximum amount of each good. Hence his result in the one case depends both on the reduction in the ETS and on the associated required change in the factor endowment, while in the other it depends both on increasing the difference between factor utilization ratios and on changing the factor endowment.2 In response to Melvin's analysis, Messrs. Scarth and Warne correctly have demonstrated the relationship between changes in the ETS and the production possibility curve.3 In the present paper we present what we believe to be a correct analysis of the second problem. Melvin's analysis of an increase in the difference between factor utilization ratios of the two goods and its effect on the shape and location of the transformation curve around fixed endpoints suffers from the same defect displayed by his analysis of changing the ETS, namely, that his result depends both on the change he postulates and an implicit (but necessary) increase in the factor endowment. However, the investigation of the production possibility effect of increasing the difference between factor utilization ratios alone is simpler than the investigation of a change in the ETS, for unlike the latter there is no need for a reference factor utilization ratio, independent of factor ' J. R. Melvin, "On the Derivation of the Production Possibility Curve", Economica, vol. 38 (1971), pp. 287-94; K. M. Savosnick, "The Box Diagram and the Production Possibility Curve", Ekonomnisk Tidskrift, vol. 60 (1958), pp. 183-97. 2. 3 Footnotes on next page. 305
Επιθεώρηση Κοινωνικών Ερευνών, 1983
Social Science Research Network, 2016
Despite the widespread use of the notion of a country’s competitiveness in public policy discussi... more Despite the widespread use of the notion of a country’s competitiveness in public policy discussion, there is some reluctance among academic economists in accepting the concept. The competitiveness notion can be made theoretically acceptable by distinguishing its useful integral part, which relates to comparative productivity and the intrinsic developmental potential of an economy, from its shady part, which is associated with exploitative mercantilism. For this reason, a distinction is made between ‘essential’ competitiveness and ‘apparent’ competitiveness.Unlike ‘apparent’ competitiveness, ‘essential’ competitiveness is not at all dependent on the exchange rate. Under freely floating exchange rates, any change in a country’s ‘essential’ competitiveness tends to be accompanied by an opposite change in ‘apparent’ competitiveness. But in a currency union the ‘apparent’ competitiveness is little changed following a change in a member country’s ‘essential’ competitiveness. As a result, a country’s ‘essential’ competitiveness and export performance are leveraged in a currency union, when compared to the case of the same country being outside the currency union and operating under freely floating exchange rates. A survey of developments regarding German ‘essential’ competitiveness within the Eurozone, indicates that the leverage afforded by a currency union to a member country’s ‘essential’ competitiveness, explains to a large extent Germany’s gain from the euro.
Society and Economy, Mar 19, 2013
MPRA Paper, Dec 2, 2012
The aim of this paper isto present a basic framework which takes into account the importance of p... more The aim of this paper isto present a basic framework which takes into account the importance of political governance and the media in influencing the economy and determining its actual course. In particular, thisframeworkmaybeofhelpinelucidatingthecomplexroleofthemediain contemporarydemocraticsocieties.Forthispurpose,asimplediagrammatic model is constructed and used for explanation. Its basis is a distinction amongfourmainelementswithpotentiallydifferentinterests:Thepolitical governancepersonnel,thebusinessclass,thewiderpublicasconsumersand voters, and the media. The first three form the three corners of a triangle whilethemediaplayanintermediatingroleamongthem.Thepresentation ofthemodelisillustratedwithexamplesfromGreece.
RePEc: Research Papers in Economics, Oct 12, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
RePEc: Research Papers in Economics, Jul 8, 2013
The Eurozone, and for that matter any free trade non-optimal common currency area, tend to levera... more The Eurozone, and for that matter any free trade non-optimal common currency area, tend to leverage competitiveness, either positively or negatively, for most of their member countries. This leverage effect is an important property of freetrade common currency areas, which has not received the attention it deserves in the relevant literature. A start in the examination of this effect and its implications constitutes the raison d'être of the present work. This booklet consists in the main of two published articles (cited below) that highlight the role of competitiveness in the Eurozone by focusing on the cases of Germany and Greece. The epilogue, which has not been published before, attempts to answer the question of why the Eurozone's leverage effect on competitiveness has been missed in the academic economics literature.
SSRN Electronic Journal, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
Social Science Research Network, 2022
Macmillan eBooks, 1992
Preface A.Sen - The International Economic Association - Acknowledgements - IEA Programme Committ... more Preface A.Sen - The International Economic Association - Acknowledgements - IEA Programme Committee - Local Organising Committee - List of Contributors and Section Leaders - Abbreviations and Acronyms - Introduction T.Skouras - PART 1 FISCAL PROBLEMS AND THE ROLE OF THE STATE - Aspects of the Public Sector in Greece: Post-war Developments and Future Prospects T.A.Georgakopoulos - Some Lines of Action in the Greek Public Sector G.E.Drakos - Structural Policies to Unwind the Greek Fiscal Tangle G.C.Bitros - Fiscal Deficits and the Role of the State M.J.Lambrinides & T.B.Pakos - PART 2 MONETARY POLICY AND BANKING DEVELOPMENTS - Macroeconomic Policies and Performance: Recent Past and Prospects G.Hadjimatheou - Monetary Policy and Financial Markets in the 1990s L.Papademos - Financial Liberalisation, The EMS and the Consequences for Greek Macroeconomic Policy G.D.Demopoulos - Some Thoughts on the Current State and Prospects for the Commercial Banking System E.A.Voloudakis - PART 3 BALANCE OF PAYMENTS AND EXTERNAL ECONOMIC RELATIONS - Exchange Rate Policy Dilemmas in the Presence of Macroeconomic Imbalance M.Constantopoulos - The Effects of Devaluation on Gross Domestic Product in Greece S.A.Sarantides - The Economic Union of the European Community and the Greek Economy: the External Sector E.Pournarakis - The Integration of Greece into the European Community L.Tsoukalis - PART 4 STRUCTURAL ISSUES AND INDUSTRIAL POLICY - Inflexibility and Adjustment of the Greek Economy under Liberalisation A.H.Sarris - Structural and Technological Imperatives in the Light of Development Prospects in the Greek Economy N.Vernardakis - Structural Characteristics of the Greek Economy, with Particular Reference to the Small and Medium Size Enterprises Sector J.Hassid - Shipping and Tourism in the Context of the Greek Economy J.Tzoannos
Social Science Research Network, Mar 18, 2015
The euro crisis is not due to excessive sovereign debt. It is rather due to the European leadersh... more The euro crisis is not due to excessive sovereign debt. It is rather due to the European leadership that is loath to recognize the euro’s flawed architecture and take the steps in the direction of a federal European state, which are needed to complete its unfinished construction. It is particularly Germany’s self-seeking stance, in preserving an institutional setup that serves her well despite its dangers for European unity, which constitutes the main obstacle to overcoming the crisis.
Social Science Research Network, 2019
European Journal of Economics and Economic Policies: Intervention, Apr 1, 2014
The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions... more The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is broadly interpreted as a way of giving precedence to microeconomics in unifying economic theory. Given the micro-theoretical nature of the 'hard core', questioning the Micro-foundations project is tantamount to confronting the 'hard core.' The paper questions the two most fundamental tenets of the 'hard core': maximization of utility and maximization of profit. It concludes that privileging micro over macro theory does not ensure sound foundations of the economics discipline and the Micro-foundations project makes little sense. Consequently, the search for consistency between microeconomics and macroeconomics should best be pursued in terms of a 'bridge' rather than a 'foundations' metaphor.
Social Science Research Network, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
Journal of Economic Studies, Feb 1, 1979
This paper presents, both diagrammatically and algebraically, a two-sector model that exemplifies... more This paper presents, both diagrammatically and algebraically, a two-sector model that exemplifies and shares some of the basic characteristics to be found in the work of Kalecki, Joan Robinson, Kaldor and, in general, the "Post-Keynesian" school of writers. The presentation attempts to make clear some of the main differences between the "Post-Keynesian" approach and the traditional, textbook "Keynesian" model. For this purpose, similar assumptions and conventions are employed, as far as possible, and a simpler one-sector model is introduced so as to provide comparability and emphasise the basic points of divergence. It will be argued that the present model is more general in that, apart from the enhanced insight, it produces all the textbook results along with some interesting new ones that cannot be easily derived by means of the textbook approach. In addition, in its one-sector version, it is not less simple than the traditional approach.
Economic Record, Sep 1, 1974
Journal of Product & Brand Management, Oct 1, 2005
PurposeThe purpose of this general review paper is to provide a comparison and evaluation of the ... more PurposeThe purpose of this general review paper is to provide a comparison and evaluation of the treatment of pricing by the disciplines of economics and marketing.Design/methodology/approachIt is from three perspectives that the marketing and economics approaches to pricing are reviewed, namely, buyers' response to price, firm's determination of price, and industry‐ or economy‐wide role of price.FindingsA comparative review of the relevant marketing and economics literature shows that there are important differences between the two disciplines in their treatment of pricing. Marketing demonstrates a richer and more empirically based treatment of the pricing issue from the buyer's perspective, while economics is unchallenged from the economy‐wide perspective. The differences found between the marketing and economics approaches to pricing are mostly due to their different historical origins, primary concerns and doctrinal evolution. In contrast, interdisciplinary loans especially from behavioral science have made possible considerable advances in marketing, particularly in the understanding of the buyer's perspective.Originality/valuePrevious reviews of the pricing literature do not attempt to provide a direct comparison and evaluation and offer no explanation for the observed differences among the economics and the marketing disciplines regarding their treatment of the pricing issue. The value and originality of the current paper lies in the fact that it represents the first attempt to provide such a comparison and evaluation.
Edward Elgar Publishing eBooks, Sep 26, 2001
Even before the outbreak of the Second World War, Joan Robinson had already made such contributio... more Even before the outbreak of the Second World War, Joan Robinson had already made such contributions to economic theory that guaranteed her a place in the history of economic thought. Her book on imperfect competition and her work, in close association with Keynes, on the theory of employment and output, were at the forefront of economic thinking in these ‘years of high theory’ (Shackle, 1967). Her work since then has covered most aspects of economic theory culminating in her books on the analysis of growth and in her attack on the neoclassical theory of capital and interest in the 1950s and 1960s. It is impossible, in a brief paper, properly to survey Joan Robinson’s work. This is not only because of its volume (her essays are collected in 1951, 1964, 1965, 1973) and variety but also because of its contrast to the dominant and familiar modes of thought in economics.
Economica, Aug 1, 1973
In a recent issue of this Journal, James R. Melvin developed a useful diagrammatic technique for ... more In a recent issue of this Journal, James R. Melvin developed a useful diagrammatic technique for deriving the production possibility curve in the Lerner-Pearce diagram that is analogous to the Savosnick construction in the Edgeworth-Bowley contract box.' Among other things, Melvin produces the proposition that concavity to the origin of the production possibility curve increases around fixed endpoints when in the two-sector model of general equilibrium (i) the elasticity of technical substitution (ETS) between labour and capital falls, and (ii) the difference between optimal factor utilization ratios between the two goods increases. His demonstration is, however, irrelevant to the question of the influence of the ETS and/or the degree of difference between factor utilization ratios of the two goods on the location and shape of the production possibility curve, because, in order to get his fixed endpoints, Melvin has to introduce an appropriate (and arbitrary) change in the factor endowment of the economy, exactly sufficient to permit the economy to produce the same maximum amount of each good. Hence his result in the one case depends both on the reduction in the ETS and on the associated required change in the factor endowment, while in the other it depends both on increasing the difference between factor utilization ratios and on changing the factor endowment.2 In response to Melvin's analysis, Messrs. Scarth and Warne correctly have demonstrated the relationship between changes in the ETS and the production possibility curve.3 In the present paper we present what we believe to be a correct analysis of the second problem. Melvin's analysis of an increase in the difference between factor utilization ratios of the two goods and its effect on the shape and location of the transformation curve around fixed endpoints suffers from the same defect displayed by his analysis of changing the ETS, namely, that his result depends both on the change he postulates and an implicit (but necessary) increase in the factor endowment. However, the investigation of the production possibility effect of increasing the difference between factor utilization ratios alone is simpler than the investigation of a change in the ETS, for unlike the latter there is no need for a reference factor utilization ratio, independent of factor ' J. R. Melvin, "On the Derivation of the Production Possibility Curve", Economica, vol. 38 (1971), pp. 287-94; K. M. Savosnick, "The Box Diagram and the Production Possibility Curve", Ekonomnisk Tidskrift, vol. 60 (1958), pp. 183-97. 2. 3 Footnotes on next page. 305
Επιθεώρηση Κοινωνικών Ερευνών, 1983
Social Science Research Network, 2016
Despite the widespread use of the notion of a country’s competitiveness in public policy discussi... more Despite the widespread use of the notion of a country’s competitiveness in public policy discussion, there is some reluctance among academic economists in accepting the concept. The competitiveness notion can be made theoretically acceptable by distinguishing its useful integral part, which relates to comparative productivity and the intrinsic developmental potential of an economy, from its shady part, which is associated with exploitative mercantilism. For this reason, a distinction is made between ‘essential’ competitiveness and ‘apparent’ competitiveness.Unlike ‘apparent’ competitiveness, ‘essential’ competitiveness is not at all dependent on the exchange rate. Under freely floating exchange rates, any change in a country’s ‘essential’ competitiveness tends to be accompanied by an opposite change in ‘apparent’ competitiveness. But in a currency union the ‘apparent’ competitiveness is little changed following a change in a member country’s ‘essential’ competitiveness. As a result, a country’s ‘essential’ competitiveness and export performance are leveraged in a currency union, when compared to the case of the same country being outside the currency union and operating under freely floating exchange rates. A survey of developments regarding German ‘essential’ competitiveness within the Eurozone, indicates that the leverage afforded by a currency union to a member country’s ‘essential’ competitiveness, explains to a large extent Germany’s gain from the euro.
Society and Economy, Mar 19, 2013
MPRA Paper, Dec 2, 2012
The aim of this paper isto present a basic framework which takes into account the importance of p... more The aim of this paper isto present a basic framework which takes into account the importance of political governance and the media in influencing the economy and determining its actual course. In particular, thisframeworkmaybeofhelpinelucidatingthecomplexroleofthemediain contemporarydemocraticsocieties.Forthispurpose,asimplediagrammatic model is constructed and used for explanation. Its basis is a distinction amongfourmainelementswithpotentiallydifferentinterests:Thepolitical governancepersonnel,thebusinessclass,thewiderpublicasconsumersand voters, and the media. The first three form the three corners of a triangle whilethemediaplayanintermediatingroleamongthem.Thepresentation ofthemodelisillustratedwithexamplesfromGreece.
RePEc: Research Papers in Economics, Oct 12, 2013
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconom... more The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a previous paper, the sources of profits and their impacts, as well as the interrelations among them are examined one by one. The sustainability of the profits' sources tends to have inevitable limits, which are discussed and elucidated. Given these limits, two phases in the operation of the sources may be distinguished, with a beneficial phase being transformed into a pathological one, as the limits are breached. Consequently, profits may be distinguished according to the source from which they flow, as well as the phase in which they arise. Taking into account both source and phase, a terminology is proposed to highlight the distinctive character of the different kinds of profits. The present paper briefly reviews this analysis and terminology and, based on this, goes on to consider the relationship between profits and employment. The concept of 'wasted profits' is first presented and developed, so as to be measurable in terms of the loss in potential employment. This is followed by an assessment of the alleged opposition between profits and employment. It is argued that changes in profits (both actual and expected) and changes in employment are in the same direction. Therefore, the relationship between the two and, by extension, between employers and employees is symbiotic rather than antithetical. Finally, the likely employment effects brought about by the different kinds of profits, are examined and compared systematically on the basis of appropriate elasticity measures.
RePEc: Research Papers in Economics, Jul 8, 2013
London School of Economics PhD thesis, 1975
The treatment of land in recent economic theory is studied with a view to draw the implications f... more The treatment of land in recent economic theory is studied with a view to draw the implications for land taxation. The literature examined includes a number of neoclassical growth models, a neoclassical two-sector general equilibrium model and Joan Robinson's model, as well as some microeconomic approaches to land taxes.
The broad conclusion is that land taxation is beneficial, in that it generally tends to promote development while it has no important drawbacks. Given the variety of theoretical approaches that point to the same policy outcome, the confidence with which such a policy can be recommended is considerably strengthened.
Finally, land taxation is examined in the context of the Greek economy. The system of taxes relating to land is surveyed and assessed. This last section, which introduces certain questions at a more concrete and lower level of abstraction than the preceding analysis, serves to define the limits of the general theoretical approach.