<abstract><title style='display:none'>Abstract</title>This article deals with the notion of entropy in its applicability to economics. Briefly, it regards some classical cases of such a use as the labour concept of Podolinsky and the bioeconomics of Georgescu-Roegen. This article also attempts to apply the concept of entropy to the analysis of market structures in the example of the perfect competition model. Thus, the article asserts that if we compare different entropy concepts with the main characteristics of a market with perfect competition, we must conclude that the latter is a structure with the maximum level of entropy. But maximum entropy means the system’s death. So, as a system, a perfectly competitive market cannot exist. Despite economists recognise the unreality of such a market from an empirical point of view, the application of the entropy concept helps us to repeat this approval also as a methodological one. The use of the entropy concept as a methodological instrument helps to question some other economic models, too.</abstract>

The Notion of Entropy in an Economic Analysis: the Classical Examples and New Perspectives

<abstract><title style='display:none'>Abstract</title>The aim of the present paper is to put together, point out and underline the core characteristics of a generalized concept of productivity built on a heterodox outlook. The analysis is conducted under the assumption that the developing knowledge in nowadays society and the concern for basing the economy on it require a reviewed approach on productivity. Relevant moments from the economic thought and literature are invoked(certain approaches on productivity from the most representative Romanian economic thought here included); the research finds reason and main conceptual grounds in the genuine liberalism and in the service economy, by a critical view on the concern for productivity growth as commonly seen and calculated. The paper also aims to bring to the current attention some pioneer work, less known but very important for the productivity mark. The paper develops the service stake as defining value creation and reveals the most important differences between common productivity (usually calculated productivity) and the new approach that takes into account the generalized service approach consistent with nowadays society.This paper is a theoretical presentation designed to serve as an improved context for reconsidering the researches focused on – or connected with – productivity.</abstract>

Generalizing Productivity and Service Stake. A Heterodox Widened Approach

<abstract><title style='display:none'>Abstract</title> One of the most important synthetist of the practical socialist theory is János Kornai. In his works he tempted to describe the working mechanism of the socialist economy in actual practice.The first part of the paper is to gather special keywords and analytical tools of Kornai’s description. As economist, the main tool is the description of demand and supply without the mathematical formalization of demand and supply functions, and without any Marshall crosses. Instead of them, the theory is based on quantity (stock, slack, shortage, forced substitution), on friction (caused by rigidity, resistance, and information asymmetry), and on soft budget constraint.In the second part, we investigate if the tools and keywords correspond to economic streams. The first apprehension is that economy (either capitalist or socialist) is declared to be far from Walrasian equilibrium. The conservators of this “non-equilibrium” steady-state are the different forms of friction. The rigidity is one of the main keywords of the New Keynesian theory, surpassing price rigidity that was headstone of Keynes’s General Theory. Kornai attends to the adjustment of quantity (and not, or barely price), but he applies neoclassical analytical tool set (marginal analysis, comparative statics to separate substitution and income effect, etc.) in some (but rare) formal analysis. The soft budget constraint theorem determines the impossibility of neoclassical results because under those conditions the demand theoretically is not limited, but it is in reality. The removal of this contradiction requires devices borrowed from other social sciences.Finally, the third part sets a question: the characteristics of Kornai’s description may be interpreted as the specialty of socialism (i.e. Kornai had no choice, the practical socialism has classical, neoclassical and new Keynesian features), or it is just his own logic that made his analyses such mixed. The answer is double. As Kornai did not take on the mathematical formalization of his theory, he had not to pin down himself to any theoretical economic school. His works about the socialist economy are decisively descriptive, as a non-market economy cannot be seen through the applied neoclassical algebra. </abstract>

Heterodoxies in the Work of János Kornai: How Far from the Mainstream?

<abstract><title style='display:none'>Abstract</title> It is very difficult to study phenomena in housing markets using conventional so-called neoclassical economics. The core problem stems from the highly unrealistic assumptions of neoclassical economics, such as homogeneous products, equilibrium markets, ceteris paribus clauses, deterministic and linear systems, rationality of economic agents, and the utility maximization principle. New Keynesian economics appears to be a more fruitful approach to housing markets since it presumes that products are differentiated, markets are in disequilibrium state and there exists imperfect competition in a marketplace. Furthermore, new Keynesian economics utilizes the concept of bounded rationality, which is a more realistic description of the actual behavior of economic agents than the theoretical notion of rationality in neoclassical economics.</abstract>

Urban Housing Policy Considerations: Perspectives from the Finnish Housing Market

<abstract><title style='display:none'>Abstract</title> Globalisation is not a state of the world but an evolutionary process, which entails the increasing planetary integration of markets for goods and services, markets of location sites for economic activities, markets of production factors as technologies and information. Regions are involved in the globalization process to a different extent depending on their industrial specialization and physical accessibility from outside.The aim of this paper is to investigate how regions most exposed to globalization face tougher competition. Distinguishing between open and closed regional economies, the paper investigates the regional performance of each type of region and identifies the most important success factors linked to growth performance patterns. The aim of the analysis is to determine whether the role played by each success factor in regional growth changes across regions with different degrees of openness to the rest of the world. Interestingly, our results do not clearly show that more open regions take advantage from particular success factors. The impact of most success factors on regional differential growth, in fact, do not change among groups of regions. A higher average regional growth rate in open regions with respect to closed ones is therefore mainly explained by the regional endowment of success factors rather than by differentiated marginal effects among groups of regions.</abstract>

Growth Patterns in Global Regions:: Do Specific Success Factors Make a Difference?

<abstract><title style='display:none'>Abstract</title>The usual, pessimistic interpretation of Arrow’s General Possibility Theorem (often “Impossibility” in textbooks) is excessive. The impossibility defined by Arrow occurs only in presence of a tie or of a cycle. These cases are rare or very rare, and their presence may be assessed ex post. If they occur it is necessary to resort to a second-best rule, but this two-stage procedure does not induce strategic behavior, nor impeaches the use of the Condorcet rule (in observance of the axioms) in all the others.The paper conclusions sustain that implementation of modern management systems to government’s public institutions should deal with a different behavior used to know at companies. In this respect, the paper high-lights different aspects between companies and public institutions behavior admitting similarities on organizational structure and internal procedures.</abstract>

A commonsense assessment of Arrow’s theorem

<abstract><title style='display:none'>Abstract</title>This research article was championed as a way of providing discourses pertaining to the concept of “Critical Realism (CR)” approach, which is amongst many other forms of competing postmodern philosophical concepts for the engagement of dialogical discourses in the area of established econometric methodologies for effective policy prescription in the economic science discipline. On the whole, there is no doubt surrounding the value of empirical endeavours in econometrics to address real world economic problems, but equally so, the heavy weighted use and reliance on mathematical contents as a way of justifying its scientific base seemed to be losing traction on the intended focus of economics when it comes to confronting real world problems in the domain of social interaction. In this vein, the construction of mixed methods discourse(s), which favour that of CR philosophy is hereby suggested in this article as a way forward in confronting with issues raised by critics of mainstream economics and other professionals in the postmodern era.</abstract>

Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription

<abstract><title style='display:none'>Abstract</title>This paper explores the tax burden - economic growth nexus. It advances an explanatory framework for the existence of such nexus. First, we argue that tax burden reduces the income remaining at the disposal of the private sector. Second, we empirically test for the existence of a non-linear impact of corporate tax burden on growth for a dataset of 21 OECD countries, for the period 1975 - 2012. We mostly involve mixed effects models with three levels of nested random effects. Our main empirical result consists in the evidences of a non-linear relation between corporate tax burden and economic growth.</abstract>

Does Corporate Tax Burden Affect Growth? Evidences from OECD Countries

<abstract><title style='display:none'>Abstract</title>This article has been championed on account of the experience of (perceived) economic rationalization which seem to be the foremost of patients’ care as opposed to addressing distress to human existing well-being, while in a state of being tormented with agonizing news of prolonged ill health. Several considerations have been proposed as a way of addressing the need to rationalize resources in ensuring the long standing history of the NHS focus on <italic>‘</italic>free health care<italic>’</italic> is critically covered, but not in a way that destroys confidence on the ability of professionals to manifest ethical prudence in their acts of judgments about whether patients care is to be made immediate or prolonged on a waiting list. There is certainly serious impacts to be comprehended with in situation of economic rationality through services provided by the NHS; it is believed that tangible outcomes about definitive care for patients can be addressed collaboratively.</abstract>

Economics of NHS Cost-Saving and its Morality on the ‘Living Dead’

<abstract><title style='display:none'>Abstract</title>Applying the linear LAS (Latin American Structuralists) technological intensity model in Africa, this paper presents African nations are still diversifying their outputs towards the ubiquitous (fewer complexes) products. Put it simple, using the economic complexity index of Africa (explanatory variable) as a proxy for the technological intensity in Africa and per capita GDP gap (explanatory variable) as a proxy for technology gap, the paper presents a significant and positive relationship between economic complexity index of Africa and the time derivative of the economic complexity index of Africa (the explained variable). This implies that “weak” effort African nations exerted so far in diversifying their outputs towards the less ubiquitous commodities and absence of “automatic catch up tendency” (unlike what is presupposed by the mainstream neo-classical growth models). The linear panel data regression is employed on sample of 23 African economies and OECD member economies for the period 1996-2014.</abstract>

Dynamics of Product Complexity in Africa: <italic>Structural Estimation Using Structuralists Model</italic>

<abstract><title style='display:none'>Abstract</title>The interconnectedness of global economies made it inevitable for countries to isolate themselves rather, they partner with each other majorly for economic and political gains. This often at times have a positive and negatives outcomes base on the fact that the more advanced economy tends to cast shadow on the smooth and predictable movement of some markets in the less advanced economy. On this note, it is essential for scholars to relate and determine the impact and the direction of the movement specifically with regards to stock market performance and Economic Policy Uncertainty (EPU), as it concerns the Gulf Cooperation Council (GCC) region and the continent of Europe. Hence, this study investigates the effect of the changes of European Policy Uncertainty index on net oil exporter countries of the GCC stock market performance. Using the Vector Autoregressive (VAR) methodology to estimate the result, the outcome of the result implies that the impact of the changes in European policy uncertainty index on GCC’s stock markets is negative but not significant; the effect of Dollar exchange rate and US 3-month Treasury bill rate is not significant and finally, the effect of Brent Oil price on GCC countries’ stock markets is positive and significant.</abstract>

The Impact of European Uncertainty on the Gulf Cooperation Council Markets

A short note on “Heterodox Economics”

<abstract><title style='display:none'>Abstract</title> The spending patterns of governments in the world especially developing economies have changed significantly over the last several decades. The main objective of this paper is analysing the relationship between government expenditures and growth in Burkina Faso’s economy. The study focuses on testing the various versions of Wagner’s hypothesis using the Burkina Faso data between 1960-2015 by an Autoregressive-Distributed Lag (ARDL) model. Cointegration tests, the long-run parameters and causality tests found valid Keynesian and Wagnerian relationship, but results are sensitive to the variable definition; the use of relative and absolute measures, local and international currency leads to a different conclusion.</abstract>

Wagner versus Keynes: the causal nexus between Government Expenditures and Economic Growth: An Empirical study of Burkina Faso

<abstract><title style='display:none'>Abstract</title>While the interpretation of the EMH has changed over the last 50 years, its meaningfulness continues to define our view on how financial markets work. Competing approaches such as BFT and ACT have been proven to be in particular cases of an infinite spectrum of market states; all come under the framework of the AMH. The flexible framework of the AMH enables a trans-disciplinary approach for the study of financial system dynamics. An evolutionary and contextual view on financial systems allows researchers to use techniques and instruments from quantum mechanics and statistical physics to quantify volatility and provide an interpretation to the cognitive processes underlying investor decision making. Such a context also enables to tackle the interpretation of information processing at a cognitive level through consideration of quantum effects in the price formation mechanism.</abstract>

A Critical Review of the Main Approaches on Financial Market Dynamics Modelling

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Journal of Heterodox Economics

 Journal of Heterodox Economics is a peer-reviewed on-line journal open to high-quality theoretical and empirical papers promoting heterodox approaches to different fields of...

 Journal of Heterodox Economics is a peer-reviewed on-line journal open to high-quality theoretical and empirical papers promoting heterodox...

Journal of Heterodox Economics

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