A multi-sectoral approach to the Harrod foreign trade multiplier

With this inquiry, we seek to develop a multi-sectoral version of the static Harrod foreign trade multiplier, by showing that it can be derived from an extended version of the Pasinettian model of structural change and international trade. This new version highlights the connections between the balance-of-payments and levels of employment and production. It is also shown that from this disaggregated version of the Harrod foreign multiplier we can derive an aggregate version of the multiplier. By following this approach we go a step further in establishing the connections between the Structural Economic Dynamic and Balance-of-Payments Constrained Growth approaches

A neo-Kaldorian approach to structural economic dynamics

Although the structural economic dynamic approach provides a simultaneous consideration of demand and supply sides of economic growth, it does not fully take into account the possible role played by demand in the generation of technical progress. From a neo-Kaldorian perspective, this paper seeks to establish the concepts of demand and productivity regimes in an open version of the pure labour Pasinettian model. In order to derive the demand regime, a disaggregated version of the static Harrod foreign multiplier is derived, while the productivity regime is built in terms of disaggregated Kaldor–Verdoorn laws. The upshot is a multi-sectoral growth model of structural change and cumulative causation, in which an open version of the Pasinettian model to foreign trade may be obtained as a particular case. Furthermore, we show that the evolution of demand patterns, while being affected by differential rates of productivity growth in different sectors of the economy, also play an important role in establishing the pace of technical progress

Modelling Bourdieu: An extension of the Axelrod cultural diffusion model

The contribution to the social theory of consumption of the late Pierre Bourdieu has been widely recognized, but not fully absorbed by the economics discipline. To address this lacuna, an agent-based model of Bourdieu's social theory is developed by extending Axelrod's cultural diffusion model. Bourdieu's theory is decomposed into two components: a capital effect on social interaction and an innovation effect. Whereas simulations of the capital effect are found to have a key role in the reproduction of economic inequality, by comparing survey and simulation results the innovation effect is shown to provide an insight into how cultural capital is distributed

Marx's reproduction schemes and the Keynesian multiplier: a reply to Sardoni

In a recent contribution to this journal, C. Sardoni takes issue with the identification by Trigg, in a 2006 publication, of a role for the Keynesian investment multiplier in Marx's schemes of reproduction. Indirectly, Sardoni also expresses his disagreement with Hartwig (by attributing one of his statements to Trigg). We appreciate the opportunity to defend our view against Sardoni's critique. This reply shows that a bridging point between Marx and Keynes can be established without recourse to microfoundations. As suggested by both Trigg, in 2006, and Hartwig, in 2004, the well known Harrod-Domar model of economic growth provides an interpretation of Marx's reproduction schemes that has the Keynesian multiplier as a constituent element. This note will further explore the assumptions underlying the interface between Marx and Keynes, in response to the challenging questions raised in Sardoni's contributio

Thirlwall's Law and uneven development under Global Value Chains: a multi-country input-output approach

A notable macroeconomic explanation of uneven development, with particular relevance to developing countries, has been the problem of balance of payments constraints, as captured by Thirlwall’s Law: where relative growth rates are explained by differences between income elasticities for exports and imports. Araujo and Lima have formulated a one-country multisectoral disaggregation of this hypothesis using a vertically integrated input–output framework, which is extended here in two main ways. First, international trade in intermediate inputs—the basis for Global Value Chains—is introduced; second, the model is extended to multiple countries. The main outcome of the paper is the development of a new multisectoral method for modelling balance of payments constraints: a Multi-Country Sectoral Thirlwall Law (MCSTL) under which key sector relationships are nested in intercountry trading relationships that encompass both intermediate and final goods. The identification of this input–output structure is developed in analytical stages, moving from a one-country vertically integrated system, to two, three and finally multi-country systems. In addition to its theoretical contribution to understanding the industrial structure of trade, an implication of this multi-country/multi-sector approach is that it can also be tested in future empirical work using the recently available World Input–Output Database of national tables

Marx, Say’s Law and Commodity Money

Under Marx’s critique of Say’s Law, as originally devised by Say and James Mill, money hoarding leads to a shortfall in aggregate demand. This paper responds to a Post Keynesian argument that hoarding does not restrict aggregate demand since for Marx money consists of a produced commodity, and hoarding is just one form of commodity demand. Drawing on Marx’s monetary writings, a new monetary equilibrium is suggested in which produced gold is used to replace wear and tear in circulation. An alternative critique of Say’s Law is thus proposed as a contribution to understanding the complexity of Marx’s monetary foundations

Perspectives on open access high resolution digital elevation models to produce global flood hazard layers

Global flood hazard models have recently become a reality thanks to the release of open access global digital elevation models, the development of simplified and highly efficient flow algorithms, and the steady increase in computational power. In this commentary we argue that although the availability of open access global terrain data has been critical in enabling the development of such models, the relatively poor resolution and precision of these data now limit significantly our ability to estimate flood inundation and risk for the majority of the planet’s surface. The difficulty of deriving an accurate ‘bare-earth’ terrain model due to the interaction of vegetation and urban structures with the satellite-based remote sensors means that global terrain data are often poorest in the areas where people, property (and thus vulnerability) are most concentrated. Furthermore, the current generation of open access global terrain models are over a decade old and many large floodplains, particularly those in developing countries, have undergone significant change in this time. There is therefore a pressing need for a new generation of high resolution and high vertical precision open access global digital elevation models to allow significantly improved global flood hazard models to be developed

CrY2H-seq: a massively multiplexed assay for deep-coverage interactome mapping.

Broad-scale protein-protein interaction mapping is a major challenge given the cost, time, and sensitivity constraints of existing technologies. Here, we present a massively multiplexed yeast two-hybrid method, CrY2H-seq, which uses a Cre recombinase interaction reporter to intracellularly fuse the coding sequences of two interacting proteins and next-generation DNA sequencing to identify these interactions en masse. We applied CrY2H-seq to investigate sparsely annotated Arabidopsis thaliana transcription factors interactions. By performing ten independent screens testing a total of 36 million binary interaction combinations, and uncovering a network of 8,577 interactions among 1,453 transcription factors, we demonstrate CrY2H-seq's improved screening capacity, efficiency, and sensitivity over those of existing technologies. The deep-coverage network resource we call AtTFIN-1 recapitulates one-third of previously reported interactions derived from diverse methods, expands the number of known plant transcription factor interactions by three-fold, and reveals previously unknown family-specific interaction module associations with plant reproductive development, root architecture, and circadian coordination