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Distributive Conflict, Investment, and Persistent Unemployment: Evidence from a Kaleckian Long-Memory Model — The Case of Germany (1990–2024
No full textThis paper investigates the interplay between distributive conflict, investment dynamics, and persistent unemployment within a Kaleckian framework, emphasizing the long-memory properties of wages. We develop a stochastic model in which wages adjust adaptively to historical discrepancies between prices and wages, while investment is driven by expected profitability rather than market clearing. Applying this model to Germany over the period 1990–2024, we provide evidence that cumulative divergences between prices and wages generate persistent effects on real wages, aggregate demand, and employment. Our findings highlight that long-memory wage dynamics amplify the unemployment consequences of investment-driven accumulation, demonstrating a structural mechanism through which distributive conflict and inflation interact. The results underscore the importance of historical wage inertia and profit-led investment in shaping macroeconomic outcomes, offering new insights into the sources of persistent unemployment in advanced economies
Sustaining environmental resilience: A Stackelberg game
No full textThis paper develops a dynamic Stackelberg game between a social planner and a resource-extracting firm to analyze the regulation of renewable resource extraction. The planner, as leader, sets extraction quotas, while the firm, as follower, chooses its extraction effort in response. The model is analyzed under exponential resource growth and compares open-loop (pre-committed) and feedback (state-dependent) equilibrium strategies. We show that open-loop equilibria yield environmentally unstable steady states. Stability can be achieved only under feedback strategies, and only when the follower’s valuation of the resource stock is sufficiently sensitive - a condition met under a quadratic value function. A state-dependent tax is further
shown to enhance stability by strengthening the corrective feedback between
ecological conditions and extraction incentives. The results highlight the limits of static regulation, underscore the critical role of adaptive, feedback-based policies, and provide a formal argument for precautionary and responsive governance in achieving long-run resource sustainability
«Тупой как мешок кирпичей»: повлияла ли абсурдность современных экономических теорий на деиндустриализацию России
No full textInternational consultants and institutions such as the International Monetary Fund (IMF), the World Bank, and a group of American advisors from the Harvard Institute for International Development (HIID) actively recommended that Russia implement radical economic reforms in the 1990s, which included, among other things, closing inefficient state-owned enterprises. This paper demonstrates that if the only "efficient" industries are raw material extraction and primary processing using imported equipment, then supporting "inefficient" enterprises is the only way to improve the well-being of the population. This goes so far as to suggest that even 100% subsidy, for example, of the automobile industry and the free distribution of Volga and Lada cars to the population, leads to an increase in the standard of living in the country. Furthermore, in this case, subsidizing "loss-making" enterprises leads to a slowdown, not an acceleration, of inflation. Following these same principles, developed countries have been subsidizing their "loss-making" enterprises, such as Airbus and Nokia, for decades. The model presented is greatly simplified and does not take into account numerous other factors influencing economic development. Therefore, much of the article is devoted to discussing why these seemingly obvious mathematical methods won't work when applied to the Russian economy, and why economic development in Russia is impossible, regardless of any measures of government support or stimuli
Asset Dynamics and Dissipative Structures in Open Economies: Economics as a Prescription for the "Thermal Death" of Equilibrium
No full textThis paper deepens the "Equilibrium Theory Endogenizing Imbalances" based on asset dynamics, as presented in the previous study (Kitamura, 2025), by incorporating concepts from thermodynamics and statistical mechanics. The objective is to bridge to a qualitative theory of development, encompassing issues such as the sustainability of economic growth and the creation of innovation. While the previous work proposed a model where imbalances are perpetuated through asset preference and capital diffusion, this study extends the framework into a model where "effective asset potential"—defined as the asset level divided by the rate of return on assets—acts as the driving force behind capital flows. It demonstrates a mechanism in which the capital efficiency of each nation significantly determines its economic trajectory.
Consequently, this paper reveals that individual economies exist under a tension between "subjective equilibrium" aimed at utility maximization, and the "pressure of entropy increase" inherent in asset dynamics. Through observations using multilateral data, the global economy has polarized into "self-organizing economies" that concentrate and accumulate capital, and "diffusive economies" that primarily disperse and dissipate capital. This paper presents a novel perspective that views the global economy as a "dissipative structure" maintained through the interdependence of these distinct phases.
Based on this analysis, the paper argues that for an economic system to remain sustainable, it is essential to maintain the gradient of asset potential within the system properly by eliminating "stagnation" through innovation and redistribution policies. Ultimately, this paper proposes that what economics terms "equilibrium" is equivalent to "thermal death" in physics; therefore, the goal of economics should be the avoidance rather than the realization of such a state, making the perspective of "entropy management"
Global mineral companies attributes and corporate governance
Full text linkThis paper analyses the relationship between the attributes of Global minerals companies and corporate governance. This is achieved by augmenting and comparing the corporate governance ratings of mineral companies in South Africa to that of the mineral companies world wide. The results show that the measures of transparency, namely required disclosure and additional disclosure, of the sampled companies have a statistically significant positive relationship with corporate governance. The results have also shown no statistically significant difference in corporate governance between the minerals companies operating in South Africa and those operating in other parts of the world. The results have also shown that the companies’ attributes that include market value, market performance and financial performance do not have a statistically significant relationship with corporate governance. The paper, nevertheless, recommends continued encouragement of good corporate governance to all companies, including those in the minerals industry, given the devastating consequences of the recently experienced corporate scandals
Theories of Sustainable Development
Full text linkThis article presents new theories of sustainable development. The need for new theories of sustainable development arises from the need to explain the attitudes and various dispositions towards the sustainable development agenda. Five theories of sustainable development are presented, namely, the extinction avoidance theory of sustainable development, the collective stewardship theory of sustainable development, the rogue agent theory of sustainable development, the divine intervention and providence theory of sustainable development, and the resource-resilient world theory of sustainable development. These theories articulate the unspoken philosophy or paradigms regarding the need for sustainable development and who should be responsible for achieving sustainable development. These unspoken philosophy or paradigms have the power to move people to take action towards sustainable development or to do nothing about it, or to oppose the sustainable development agenda. Scholars, policy makers and researchers will find these theories useful in their work in sustainable development
Country-wide protests and financial stability
Full text linkThis paper investigates the effect of country-wide protests on financial stability after controlling for inflation rate and the level of political stability. Country-wide protests may pressure a powerful government to listen and meet the demands of relatively less powerful groups, but country-wide protests can be destructive especially when such protests lead to the destruction of the business assets of the clients of financial institutions thereby making it difficult for them to meet their loan repayment and other obligations to financial institutions, and posing risk to the stability of the financial system. Financial stability and country-wide protests data were analysed for the United Kingdom. The empirical results show that bank non-performing loans are higher in country-wide protests years, implying that country-wide protests have a significant negative impact on financial stability through high non-performing loans in years where there are country-wide protests
Environmental Assessment of Food Loss and Waste Prevention and Reduction Solutions: Navegating the Complexity of Integrating Stakeholders’ Decisions
Full text linkThe objective of this research is to analyze the inherent complexity associated with decision-making concerning food losses and waste prevention or reduction, considering a multi-stakeholder approach and the possibility of contradictory environmental impact results derived from different solutions. This research defines six scenarios with the support of expert knowledge to assess the environmental impact of food loss and waste prevention and reduction (FLWPR) solutions that cover food valorization, redistribution and consumer behavioral change. After applying life cycle assessment consistent with the Environmental Footprint methodology, the results are fine-tuned with three groups of stakeholders’ preferences: decision-makers, experts and business students. Although the perceptions of the three groups are different across several impact categories, the proposed aggregated environmental impact indicator reveals minimal changes in the prioritization of scenarios among the three group of stakeholders and shows that it is possible to choose the best option while minimizing environmental impacts from an aggregated perspective. Analyzing the detailed results, the values of the impact categories show contradictory outcomes, i.e. when a specific solution is implemented, some impact categories worsen while others improve.
This requires deciding to what extent and which aspects the decision-makers are willing to sacrifice, as these choices can influence the decision on the best option. This study includes two novelties, the dual perspective, which combines technical information and stakeholder preferences, and the proposal of an assessment method that assigns the environmental load to the quantities of product consumed, instead of assigning it to the total quantity produced through a balancing process
Development of Islamic Deposit Product Post-Islamic Financial Services Act 2013: A Retrospective Analysis
Full text linkThe Islamic Financial Services Act 2013 (IFSA) came into force on 30 June 2013 with the objective to pave way for the development of an end-to-end Shariah compliant regulatory framework for the conduct of Islamic financial operation in Malaysia. A key concern among Islamic banks is regarding the reclassification and requirements in differentiating between Islamic deposit and investment account. IFSA has introduced two major classifications of products for the acceptance of money from customers by the Islamic banks, namely Islamic deposits and investment accounts. This paper retrospectively analyses the development of Islamic deposit products following the enforcement of the IFSA. This paper explores the industry's response to these requirements and outlines the prevailing structures of Islamic deposit products used by Malaysian Islamic banks. It also assesses the impact of IFSA regulations on these structures. This study is based on qualitative research approach which is purely based on primary data gathered through library research and interview. The paper highlights that, while the reclassification requirement under IFSA 2013 necessitates additional efforts from Islamic banks, it aligns Islamic banking more closely with the objective of underlying Shariah contract (maqasid al-aqd). This initiative, though still in its early stages, represents a departure from conventional banking practices and emphasizes the significance of ijtihad in the development of novel financial products
Post-keynésianisme en France : d’une longue période de croissance contrainte à l’hybridation ?
Full text linkThis article traces the evolution of the Post-Keynesian school in France since the mid-1970s. Starting out inauspiciously from a Keynesian tradition of little influence, the school’s growth was slowed by strong competition from other schools (both orthodox and heterodox) in a context of limited recruitment of permanent researchers at universities. Despite this, some momentum has been built up in France since 2000s. Today, the French Post-Keynesian school is well structured, internationally integrated, and capable of hybridizing with certain heterodox schools. Nevertheless, the trend remains shaky