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Special feature: economics education and evolutionary economics Evolutionary and Institutional Economics Review Pub Date : 2024-03-22
Abstract This preface introduces five items that constitute this special feature and suggests the future task with which evolutionary economists and other heterodox economists have to tackle in the area of economics education.
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Evolutionary alternatives to equilibrium frameworks in economics education Evolutionary and Institutional Economics Review Pub Date : 2024-02-19 Henning Schwardt
To have multiple perspectives for analyzing an economy is valuable in and of itself. For the complex system economy, they offer ways for researchers and students alike for developing a more nuanced understanding of socio-economic structures than the economics mainstream framework can accommodate. They allow us to conceptualize economic activity in different ways and show different aspects of economic
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Overarching economic theory and economics education in times of crisis Evolutionary and Institutional Economics Review Pub Date : 2024-02-16
Abstract In this paper, we have argued how research and education in economics should be conducted under the current circumstances where the “crisis of capitalism” is being referred to in mainstream media. Though major research trends in mainstream economics are characterized by the development of piece-meal social engineering in recent days, research on an overarching theory of the capitalist economy
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Global supply chains as global commons: some policy considerations from the perspective of microfoundations in an evolutionary framework Evolutionary and Institutional Economics Review Pub Date : 2024-01-11 Henning Schwardt
Microfoundations have served as a foundation to inform different research interests in evolutionary economics. We will consider aspects of global supply chains. The focus for us will be, in particular, the (lack of) resilience of those structures and what measures might be promising to enhance their resilience. The framing we propose to outline the problem structure rests on (evolutionary) game theory
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Some supplementary explanations on Microfoundations Evolutionary and Institutional Economics Review Pub Date : 2023-10-31 Yoshinori Shiozawa
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Debt burden, investment, and profit-sharing Evolutionary and Institutional Economics Review Pub Date : 2023-10-18 Kenshiro Ninomiya
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Joseph Alois Schumpeter and William James: pragmatism, will, and social evolution Evolutionary and Institutional Economics Review Pub Date : 2023-10-04 Daisuke Kobayashi
In the present article, the author discusses the similarities between the pragmatist William James’s thought and J. A. Schumpeter’s economic methodology and developmental theory. Many researchers have already discussed Schumpeter’s methodology and his developmental theory, and most of them have argued for the influence on Schumpeter’s methodology of Mach’s instrumentalism or of Weber’s attempt to overcome
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Self-exciting negative binomial distribution process and critical properties of intensity distribution Evolutionary and Institutional Economics Review Pub Date : 2023-10-03 Kotaro Sakuraba, Wataru Kurebayashi, Masato Hisakado, Shintaro Mori
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Quantity adjustment theory as a basis of evolutionary economics Evolutionary and Institutional Economics Review Pub Date : 2023-09-27 Masashi Morioka
We address the basic framework of quantity adjustment theory and its significance in evolutionary economics. Quantity adjustment theory explores the mechanism of the short-term process by which capitalist firms adjust their production and raw material orders according to the demand for their products under constant prices. It finds the key features of capitalist product markets in demand constraints
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Dispute on the reference standard for economics in Japan and its international backgrounds: is pluralism vs. standardization an appropriate scheme in economics education? Evolutionary and Institutional Economics Review Pub Date : 2023-09-21 Kiichiro Yagi
A dispute over economics education occurred in Japan in 2013 when the draft of the Reference Standard for Economics Education (RS Economics) of the Science Council of Japan (SCJ) was known to non-mainstream economists. This article reconsiders this dispute with its international background (OECD-AHELO, Bologna Process, QAA's Subject Benchmark Statement for Economics in the UK). OECD's AHELO project
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Fiscal policy and social infrastructure provision under alternative growth and distribution regimes Evolutionary and Institutional Economics Review Pub Date : 2023-09-15 Hiroshi Nishi, Kazuhiro Okuma
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A note on application of Miyazawa’s multiplier to multisector model of evolutionary economics Evolutionary and Institutional Economics Review Pub Date : 2023-09-03 Tsutomu Yoshioka
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The microfoundations of evolutionary economics and its future: an essay based on the SMT approach Evolutionary and Institutional Economics Review Pub Date : 2023-08-31 Kazuhiro Kurose
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Measuring consumer preferences for Japanese 5G mobile communication market Evolutionary and Institutional Economics Review Pub Date : 2023-08-31 Naoki Takano
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Two self-organizing principles in economics and a conflict between them Evolutionary and Institutional Economics Review Pub Date : 2023-07-01 Yuri Yegorov
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Production economy and industry studies Evolutionary and Institutional Economics Review Pub Date : 2023-05-12 Takahiro Fujimoto
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Market declines triggered by the deviation from the random walk Evolutionary and Institutional Economics Review Pub Date : 2023-04-24 Mieko Tanaka-Yamawaki, Yumihiko S. Ikura
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Statistical laws observed in earthquakes using mesh statistics: an econophysical point of view Evolutionary and Institutional Economics Review Pub Date : 2023-04-21 Atushi Ishikawa, Shouji Fujimoto, Takayuki Mizuno
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Historical institutionalism and policy coordination: origins of the European semester Evolutionary and Institutional Economics Review Pub Date : 2023-04-15 Wen Pan, Madeleine O. Hosli, Michaël Lantmeeters
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Endogenous constraints on full productive capacity in a free-market economy Evolutionary and Institutional Economics Review Pub Date : 2023-04-07 Nicolas D. Cole
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Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT Evolutionary and Institutional Economics Review Pub Date : 2023-03-28 Makoto Nishibe
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Robert Boyer, Une discipline sans réflexivité peut-elle être une science? Epistémologie de l’économie Evolutionary and Institutional Economics Review Pub Date : 2023-03-23 Toshio Yamada
This book critically examines the transformation and degeneration of mainstream macroeconomics in recent years, both in terms of economics itself and the state of the economists’ profession, and calls on economists to engage in dialogue with each other. Although macroeconomics has made great strides since its foundation by Keynes, the author analyzes its recent degradation from the viewpoint of both
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On the role of social rules in economic development: historical perspectives Evolutionary and Institutional Economics Review Pub Date : 2023-03-20 Jean-Paul Chavas
This paper explores the role of social rules in economic development. It reviews the historical evidence on social rules and their linkages with human capital. We present supporting evidence from the historical evolution of four important aspects of society: (1) improved dispute resolution mechanisms; (2) the elimination of debt bondage; (3) reductions in the severity of punishments; and (4) the development
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How Japanese firms address the issues of environment, society, and governance: a corporate governance perspective Evolutionary and Institutional Economics Review Pub Date : 2023-01-18 Mitsuharu Miyamoto, Hiroatsu Nohara
Interest in environment, society, and governance (ESG) issues has increased in accordance with the growth of ESG-related investment. Until recently, however, interest remained low in Japan, which is unexpected, since Japanese firms have been characterized by stakeholder-oriented corporate governance. Thus, this study examined how Japanese firms address ESG issues, focusing on the corporate governance
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Christian Bessy and Michel Margairaz eds. Les biens communs en perspectives. Propriété, travail, valeur (XVIIIe-XXIe siècle), Editions de la Sorbonne, 2021 Evolutionary and Institutional Economics Review Pub Date : 2022-11-27 Kota Kitagawa
This article presents a book review of Les biens communs en perspectives, edited by Christian Bessy and Michel Margairaz, Editions de la Sorbonne, 2021. The perspectives in the book follow a French institutionalism called the economics of convention (EC). Derived from thick and rich empirical studies based on profound historical and sociological investigations, the book challenges two stylized perspectives
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The extent of the firm Evolutionary and Institutional Economics Review Pub Date : 2022-04-29 M. J. Histen
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Impulse balancing versus equilibrium learning an experimental study of competitive portfolio selection Evolutionary and Institutional Economics Review Pub Date : 2022-04-16 Judith Avrahami, Werner Güth, Yaakov Kareev, Matteo Ploner
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Daniel W. Bromley, Possessive individualism: a crisis of capitalism, Oxford University Press, 2019 Evolutionary and Institutional Economics Review Pub Date : 2022-04-13 Franklin Obeng-Odoom
Daniel W. Bromley’s new book: Possessive Individualism: A Crisis of Capitalism (2019) must be read by all institutional and evolutionary economists. The book’s history of economic thought is occasionally imprecise and its claims do not always demonstrate its treatise, itself sometimes light on empirical evidence, but, overall, Bromley’s new theory of possessive individualism provides a forensic diagnosis
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Organizational knowledge actions and the evolution of knowledge environment: a micro-foundations perspective Evolutionary and Institutional Economics Review Pub Date : 2022-04-12 Michalis E. Papazoglou
This study proposes a new theoretical approach to conceptualizing the knowledge environment as a mosaic of knowledge components stemming from organizational knowledge actions. The pieces of this imaginary mosaic are the novel knowledge components incorporated in organizational knowledge actions and their sizes are determined by the extent of their influence on subsequent knowledge actions. I use the
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Special feature: economic dynamics—growth, capital, labor, technology, and money Evolutionary and Institutional Economics Review Pub Date : 2022-04-01 Hiroaki Sasaki
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Demand multipliers and technical performance of a Southern Eurozone economy in hard times: Kalman–Leontief–Sraffa evidence from the Greek economy, 2010–2014 Evolutionary and Institutional Economics Review Pub Date : 2022-03-22 Theodore Mariolis, Despoina Kesperi
This paper forges a Kalman–Leontief–Sraffa single production framework and, thus, provides estimations and spectral analysis of changes in employment requirements, demand multipliers and technical performance of the Greek economy for the fiscal adjustment–wage devaluation period 2010–2014. It is detected that (i) there were no considerable shifts in industry rankings according to the employment requirements
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Innovation patterns in firms and intra-industry heterogeneity empirical evidence from Turkey Evolutionary and Institutional Economics Review Pub Date : 2022-03-18 Alp Eren Yurtseven, Mehmet Teoman Pamukçu
This paper aims to explore sector-level sources of intra-industry heterogeneity of innovation patterns among Turkish firms. We constructed a taxonomy of innovative firms and explored the different modes of innovation. We then analyzed the sector-level determinants of intra-industry heterogeneity. Analysis results indicate that groups of firms within the same sector that display distinct innovation
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Robert Boyer, Les capitalismes à l’épreuve de la pandémie, La Découverte, 2020 Evolutionary and Institutional Economics Review Pub Date : 2022-03-13 Kazuhiro Okuma, Yuji Harada
Robert Boyer, a leader in régulation theory, characterizes the crisis provoked by the COVID-19 pandemic in his latest book. His analysis centers on the political process in which different groups of entities with heterogeneous interests compete against each other and make compromises, and on the interaction of different processes affecting public health, the economy, finance, and freedom. In this book
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Combining preferences and heuristics in analysing consumer behaviour Evolutionary and Institutional Economics Review Pub Date : 2022-03-13 Pere Mir-Artigues
This paper proposes a seminal model that combines heuristics and preferences to analyse decision-making processes related to the consumption of goods and services. The model has been built by recombining different results from economic psychology and in particular from the research programme called ecological rationality or environment-consistent rationality. With regard to heuristics and their algorithms
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Role of agricultural productivity growth in economic development: the neglected impact on institutional quality in Africa Evolutionary and Institutional Economics Review Pub Date : 2022-02-14 Richard Grabowski, Sharmistha Self
Growing agricultural productivity has often been seen as the key to rapid economic development. In this paper, it is argued that agricultural productivity growth plays an important role in institutional development. It is hypothesized that agricultural productivity growth leads to structural change both inside the rural agricultural sector and between this sector and modern manufacturing and services
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The credibility of monetary policy and the fiscal response to the pandemic in the Eurozone Evolutionary and Institutional Economics Review Pub Date : 2022-02-01 Pompeo Della Posta, Mario Morroni
The novel nature of the economic and social crisis, due to the spread of COVID-19, requires new rules and a drastic change in the economic measures to be adopted. The pandemic has caused a spiral of supply–demand shocks that brings about several market failures that make necessary a public intervention to assure the return to health security in the first place and then to restore economic growth and
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Hiding or revealing: their indirect evolution in the Acquiring-a-Company game Evolutionary and Institutional Economics Review Pub Date : 2022-01-29 Werner Güth, Stefan Napel
The Acquiring-a-Company game of Bazerman and Samuelson (J Confl Resolut 27(4):618–634, 1983) is modified by letting the privately informed seller send a numerical value message to the prospective buyer. A population of sellers reveal or hide their private information according to their categorical type rather than by engaging in consequentialistic decision-making. Population shares of the types evolve
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The impact of COVID-19 on global stock markets: early linear and non-linear evidence for Italy Evolutionary and Institutional Economics Review Pub Date : 2021-11-15 Theodoros Daglis, Ioannis G. Melissaropoulos, Konstantinos N. Konstantakis, Panayotis G. Michaelides
The scientific community still struggles to understand the magnitude of the worldwide infections and deaths induced by COVID-19, partly ignoring the financial consequences. In this paper, using the autoregressive fractionally integrated moving average (ARFIMA)—general autoregressive conditional heteroskedasticity (GARCH) model, we quantify and show the impact of the COVID-19 spread in Italy, utilizing
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National states, transnational institutions, and hegemony in the EU Evolutionary and Institutional Economics Review Pub Date : 2021-10-31 Lapavitsas, Costas, Cutillas, Sergi
The institutional framework of the EU was altered by the pandemic shock of 2020, introducing greater discretion in both monetary and fiscal policy. The changes relate mostly to monetary policy and cast light on the theoretical debates regarding national states and transnational mechanisms in the EU. Some of the likely implications can be gauged through the balance sheet of the European Central Bank
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Economic crisis, COVID-19 pandemic, and the Greek model of capitalism Evolutionary and Institutional Economics Review Pub Date : 2021-10-21 Maris, Georgios, Flouros, Floros
In this paper, we use varieties of capitalism as an analytical tool to understand the main characteristics of the Greek model of capitalism. The main purpose of this paper is twofold: first, to study the evolution of the country's economic performance through the theoretical approach of varieties of capitalism; second, highlighting the performance of institutions to understand how the main characteristics
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The institution-growth nexus in Sub-Saharan Africa: new evidence from heterogeneous panel causality approach Evolutionary and Institutional Economics Review Pub Date : 2021-09-24 Hussen, Mohammed Seid, Çokgezen, Murat
Whether economic growth is the cause or the consequence of improved institutional quality has been a controversial issue. To throw light on this debate, the present study aims to investigate the nature and direction of causality between institutional quality and economic growth. To this end, a panel data of 30 SSA countries for the 1990–2015 period is used and analyzed using a heterogeneous panel non-causality
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Economic development and the death of the free market Evolutionary and Institutional Economics Review Pub Date : 2021-09-14 Fix, Blair
According to neoclassical economics, the most efficient way to organize human activity is to use the free market. By stoking self interest, the theory claims, individuals can benefit society. This idea, however, conflicts with the evolutionary theory of multilevel selection, which proposes that rather than stoke individual self interest, successful groups must suppress it. Which theory better describes
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The COVID-19 multiplier effects of tourism on the German and Spanish economies Evolutionary and Institutional Economics Review Pub Date : 2021-08-29 Rodousakis, Nikolaos, Soklis, George
Based on a multisectoral model of single production and using data from the input–output tables, this paper estimates the COVID-19 tourism multiplier effects on output, employment and trade balance of the German and Spanish economies. It is found that the decrease of international travel receipts recorded in the year 2020 correspond to a decrease in GDP of about 0.58% in the German economy and a decrease
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Special feature: promenade in the history of economic thought Evolutionary and Institutional Economics Review Pub Date : 2021-08-28 Kiichiro Yagi
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The pausing view of unemployment Evolutionary and Institutional Economics Review Pub Date : 2021-08-21 Veetil, Vipin P.
This paper develops a theory of business cycle unemployment based on the idea that the economy may temporarily pause in response to heightened uncertainty. The pausing of actions in some quarters of the economy eases decision-making in other quarters, thereby leading the way to recovery. Both the heightening of uncertainty and the ‘pausing phenomena’ emerge from the interaction between firms with inter-related
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NK model-based analysis of technological trajectories: a study on the technological field of computer graphic processing systems Evolutionary and Institutional Economics Review Pub Date : 2021-08-14 Watanabe, Ichiro, Takagi, Soichiro
This paper quantitatively analyzes how the interdependence of components and the complexity of technology relates to the formation of technological trajectories. This paper uses the idea of technological trajectory and a method called a main path analysis. Technological trajectory is an idea that describes the path-dependent technological evolution process. The technological trajectories of a technological
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Sustainable economic development in the European Union and COVID-19 Evolutionary and Institutional Economics Review Pub Date : 2021-07-26 Chara Vavoura, Ioannis Vavouras
The paper has two basic objectives. The first, is to present the evolution of the process of sustainable development in the European Union (EU). We provide evidence that over time, the concept of sustainable development as a broad policy objective has been steadily declining in importance giving way to the less multidimensional strategy of green growth. We argue that the green growth strategy is actually
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The stabilizing effect of fiscal policies on the dynamics of effective demand and income distribution in Japan Evolutionary and Institutional Economics Review Pub Date : 2021-07-25 Ryunosuke Sonoda
In this study, we build a Kaleckian model incorporating fiscal policies and investigate the possibility that fiscal policies have had a stabilizing influence on the dynamics of effective demand and income distribution in Japan. In a Kaleckian model with a fluctuating income distribution rate, the combination of the demand and distributive regimes may destabilize the system, and it is important to clarify
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Correction to: Analyzing outliers activity from the time-series transaction pattern of bitcoin blockchain Evolutionary and Institutional Economics Review Pub Date : 2021-06-14 Rubaiyat Islam, Yoshi Fujiwara, Shinya Kawata, Hiwon Yoon
A correction to this paper has been published: https://doi.org/10.1007/s40844-021-00215-3
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Correction to: Unfolding identity of financial institutions in bitcoin blockchain by weekly pattern of network flows Evolutionary and Institutional Economics Review Pub Date : 2021-06-12 Rubaiyat Islam, Yoshi Fujiwara, Shinya Kawata, Hiwon Yoon
A correction to this paper has been published: https://doi.org/10.1007/s40844-021-00216-2
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The influence of Tidology and Astronomy in Alfred Marshall’s economics: a reassessment of his economic method for the analysis of periodic and secular variations Evolutionary and Institutional Economics Review Pub Date : 2021-06-04 Naoki Matsuyama
Alfred Marshall explored a scientific method for theorising complex economic phenomena using mechanical and biological analogies. Moreover from his very first book The Economics of Industry Marshall paid attention to the efficacy of a science of tendencies to understand real economic movements. To clarify this, this paper begins by reviewing a methodological problem suggested by Thorstein Veblen, concerning
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Measuring the shift in the short-run production frontier Evolutionary and Institutional Economics Review Pub Date : 2021-04-29 Hideyuki Mizobuchi
We introduce two labour productivity indexes. Both indexes are intended to capture the shift in the short-run production frontier, which can be attributed to technological progress or growth in capital inputs. The two indexes adopt distinct approaches to measuring the distance between the production frontiers. One is based on the distance function and the other is based on the profit function. In the
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Was Adam Smith an evolutionary economist?: Smith’s study of botany and Charles Darwin’s theory of morality Evolutionary and Institutional Economics Review Pub Date : 2021-04-22 Tetsuo Taka
This paper aims to extend and provide a new understanding of Adam Smith’s thoughts by focusing on some revisions in the 4th edition of The Theory of Moral Sentiments (Smith 1774), “the nutritional value theory of corn” in the Wealth of Nations, and then comparing Smith’s discourses on the formation of morality with C. Darwin’s. Smith’s understanding of human nature extended and deepened with the study
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Stone–Geary type preferences and the long-run labor supply Evolutionary and Institutional Economics Review Pub Date : 2021-04-03 Tamotsu Nakamura
In most advanced economies, working hours have steadily declined, while the per-capita income has steadily increased. Boppart and Krusell (J Polit Econ 128(1):118–157, 2020) propose a new preference class in order to account for these observations. They show that the income effect on labor supply exceeds the substitution effect in the balanced-growth path. However, the longer-term changes, or less-developed
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Correction to: Capital-labor conflict in the Harrodian model Evolutionary and Institutional Economics Review Pub Date : 2021-03-29 Takashi Ohno
A correction to this paper has been published: https://doi.org/10.1007/s40844-021-00211-7