scholarly journals Was Piketty right? Empirics of CCC model: corporate power, consumption, debt and inequality

2019 ◽  
Vol 66 (4) ◽  
pp. 439-464
Author(s):  
Franci Porenta
Keyword(s):  
Theoretical Model ◽  
Power Consumption ◽  
Public Debt ◽  
Bargaining Power ◽  
Private Consumption ◽  
Empirical Investigation ◽  
Oecd Countries ◽  
The Other ◽  
Macro Level ◽  
Corporate Power

This paper provides an empirical investigation into the empirics of cumulative and circular causation (CCC) model. Relying on their corporate power, corporations have stimulated the rising consumerism, which has increased both private consumption and debt. On the other hand, increasing debt has enhanced the process of rising inequality due to the lack of funding to invest in education or create savings. Rising inequality has further increased the bargaining power of capital and closed the CCC model. This paper tests the proposed theoretical model on a sample of OECD countries in the period between 1990 and 2013. We show that the growing corporate power causes increased consumption, growing household and public debt, as well as higher inequality. The paper makes several original contributions to the existing literature. First, it is the first empirical investigation of the CCC relationship. Second, it extends the knowledge about the trends of rising corporate power and consumerism at macro level.

Public debt and private consumption in OECD countries

2014 ◽  
Vol 11 ◽  
pp. 1-7 ◽  
Author(s):  
Periklis Gogas ◽  
Vasilios Plakandaras ◽  
Theophilos Papadimitriou
Keyword(s):  
Public Debt ◽  
Private Consumption ◽  
Oecd Countries

Eurasian "Theory of Economy Management" as an Organic Part of the Russian Economic School

2003 ◽  
pp. 95-110
Author(s):  
M. Voeykov
Keyword(s):  
Economic Development ◽  
Theoretical Model ◽  
Initial Step ◽  
State Regulation ◽  
Soviet Economy ◽  
The Other ◽  
Large Share ◽  
Organic Part ◽  
Two Sides ◽  
Enterprise Activity

The original version of "the theory of economy management", developed in the 1920s by Russian economists-emigrants who called themselves "Eurasians" (N. Trubetskoy, P. Savitskiy, etc.) is analyzed in the article. They considered this theory to be the basis of the original Russia's way of economic development. The Eurasian theory of economy management focuses on two sides of enterprise activity: managerial as well as social and moral. The Eurasians accepted the Soviet economy with the large share of state regulation as the initial step of development. On the other hand they paid much attention to the private sector activity. Eurasians developed a theoretical model of the mixed economy which can be attributed as the Russian economic school.

Investments and Risk Transfers

2017 ◽  
Vol 92 (6) ◽  
pp. 1-23 ◽  
Author(s):  
Tim Baldenius ◽  
Beatrice Michaeli
Keyword(s):  
Moral Hazard ◽  
Risk Premium ◽  
Bargaining Power ◽  
Risk Premia ◽  
The Other ◽  
Investment Risk ◽  
Incomplete Contracting ◽  
Risk Transfer ◽  
Specific Investments ◽  
Division Managers

ABSTRACT We demonstrate a novel link between relationship-specific investments and risk in a setting where division managers operate under moral hazard and collaborate on joint projects. Specific investments increase efficiency at the margin. This expands the scale of operations and thereby adds to the compensation risk borne by the managers. Accounting for this investment/risk link overturns key findings from prior incomplete contracting studies. We find that if the investing manager has full bargaining power vis-à-vis the other manager, he will underinvest relative to the benchmark of contractible investments; with equal bargaining power, however, he may overinvest. The reason is that the investing manager internalizes only his own share of the investment-induced risk premium (we label this a “risk transfer”), whereas the principal internalizes both managers' incremental risk premia. We show that high pay-performance sensitivity (PPS) reduces the managers' incentives to invest in relationship-specific assets. The optimal PPS, thus, trades off investment and effort incentives.

scholarly journals Axiomatic Results for Weighted Allocation Rules under Multiattribute Situations

Mathematics ◽  
2021 ◽  
Vol 9 (6) ◽  
pp. 617
Author(s):  
Yu-Hsien Liao
Keyword(s):  
Bargaining Power ◽  
The Other ◽  
Target Type ◽  
Allocation Rule ◽  
Interactive Environments ◽  
Allocation Rules ◽  
Other Hand

In many interactive environments, operators may have to deal with different work objectives at the same time. In a realistic context, such as differences in the target type to be addressed, or changes in the behavior of other operators, operators may therefore have to cope with by adopting different work levels (strategies) at any given time. On the other hand, the importance or influence brought by operators may vary depending on many subjective and objective factors, such as the size of the constituency represented by a congressman, and the bargaining power of a business personnel which may vary. Therefore, it is reasonable that weights are apportioned to operators and arbitrary usability should be distributed according to these weights under various working levels and multiattribute situations. In pre-existing results for allocation rules, weights might be always apportioned to the “operators” or the “levels” to modify the differences among the operators or its working levels respectively. By applying weights to the operators and its working levels (strategies) simultaneously, we adopt the maximal marginal variations among working level (strategy) vectors to propose an allocation rule under multiattribute situations. Furthermore, we introduce some axiomatic outcomes to display the rationality for this weighted allocation rule. By replacing weights to be maximal marginal variations, a generalized index is also introduced.

The impact of government debt on private consumption in OECD countries

2007 ◽  
Vol 94 (2) ◽  
pp. 220-225 ◽  
Author(s):  
Robert-Paul Berben ◽  
Teunis Brosens
Keyword(s):  
Private Consumption ◽  
Government Debt ◽  
Oecd Countries ◽  
The Impact

Comparing the Arrangements of Governance and Sustainable Development in OECD Countries: Coupled or Decoupled?

2019 ◽  
Vol 34 (1) ◽  
pp. 99-117
Author(s):  
Huh Taewook
Keyword(s):  
Sustainable Development ◽  
Oecd Countries ◽  
The Other ◽  
Type Analysis ◽  
Ideal Types ◽  
Type 3 ◽  
Relationship Of ◽  
The Relationship

This study attempts to analyze to what extent governance and sustainable development (SD) empirically appear compatible in the thirtyfive OECD countries through the fuzzy-set ideal type analysis, and identify which ideal types appear coupled or decoupled, and then reveal which countries belong to the coupled types or to the decoupled types. In short, twenty-two countries (including Sweden (fuzzy score, 0.953), Denmark (0.920), Finland (0.914), Norway (0.911) in Type 1 (G*S, ‘strong G-S coupled countries’); and Turkey (0.906), Greece (0.833), Mexico (0.828) in Type 4 (g*s, ‘lite g-s coupled countries’) are in line with the accepted conventions regarding the compatible relationship between governance and SD. On the other hand, the rest of thirteen countries (including USA (fuzzy score, 0.815), Luxembourg (0.721), Australia (0.660) in Type 2 (G*s, ‘G-s decoupled countries’); and Slovenia (0.728), France (0.644), Czech Rep. (0.625) in Type 3 (g*S, ‘g-S decoupled countries’) may indicate that the relationship of governance and SD is in fact experiencing tensions in the national contexts. These findings are characterized by the substance (of SD) and procedure (of governance) divide. Considering the results, this study focuses on the idea of reflexivity or reflexive capacity.

scholarly journals Restorative justice and victims: Not a self-evident relationship

Temida ◽  
2006 ◽  
Vol 9 (1) ◽  
pp. 11-20 ◽  
Author(s):  
Antony Pemberton ◽  
Frans Winkel ◽  
Mark Groenhuijsen
Keyword(s):  
Social Psychology ◽  
Theoretical Model ◽  
Criminal Justice ◽  
Restorative Justice ◽  
Traumatic Stress ◽  
Current Knowledge ◽  
The Other ◽  
European Forum ◽  
Victim Services ◽  
Evident Relationship

The two most prominent developments in criminal justice in the last twenty to thirty years are the rise of restorative justice and the recognition and improvement of the position of the victim. The first part of the paper discusses a theoretical model for victims within restorative justice that the researchers at the InterVICT research institute authors of this paper) are developing at this moment. This model incorporates current knowledge from social psychology and studies surrounding traumatic stress and provides a number of hypotheses that will be subsequently evaluated in practice with participants in restorative justice procedures. On the other hand, international legal protocols for restorative justice also lack a consistent victim-oriented perspective. To this end the European Forum for Victim Services has recently published a statement concerning the position of the victim within mediation. The second part of the paper addresses the central issues in this statement. Taken together the paper moves beyond criticism of restorative justice, as it hopes to redirect theory and implementation of restorative justice toward a stronger victim-orientation.

Una aproximación empírica a la ­clasificación y traducción de las figuras retóricas en la publicidad

Babel ◽  
2011 ◽  
Vol 57 (1) ◽  
pp. 32-57 ◽  
Author(s):  
Maria Calzada Perez
Keyword(s):  
Empirical Investigation ◽  
Great Majority ◽  
Translation Studies ◽  
The Other ◽  
Translation Process ◽  
New Rhetoric ◽  
Rhetorical Figures ◽  
Ancient Times ◽  
The One

Since ancient times the suasive value of rhetorical figures has been vastly studied. In fact, Aristotle himself argued that the aim of rhetoric was not just to persuade but to find the best methods of persuasion (Aristotle, Retorica, ed. 1990). These methods have been frequently used in advertising, where they are employed to capture the consumer’s attention and, consequently, to sell the advertised product. However (despite the frequent appearance of rhetorical figures in advertising), there is a scarcity of studies on the role of these persuasive mechanisms in the translation of publicity. Bearing upon the “new rhetoric”, the present paper has a twofold purpose. On the one hand, it aims to import a clear taxonomy of rhetorical figures from advertising into translation studies and subsequently to illustrate the transfer of these figures. On the other hand, it analyses the behaviour of rhetorical figures in the translation process by means of an empirical investigation whose goal it is to further categorise them in a systematic and rational way. Drawing upon the seminal work of McQuarrie and his collaborators, the paper performs a quantitative analysis of a corpus of 120 matching pairs consisting of English advertisements and their existing Spanish counterparts. Results evidence that a great majority of rhetorical figures are “translated”, thus confirming the globalising tendencies of advertising.

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