1,721,031 research outputs found
Are Mainstream and Heterodox Economists Different? An Empirical Analysis
No full textWe explore the differences between mainstream and heterodox economists based on the responses to a questionnaire from a representative sample of Italian economists. Using different definitions for mainstream and heterodox economics, we compare the individual and academic characteristics of the economists belonging to these groups. We measure the within and between disagreement for each group and we test whether belonging to one or the other group predicts differences in economists' opinions on economic policy. Results show that: 1) mainstream and heterodox economists differ as to individual and academic characteristics and political views; 2) the disagreement within heterodox economics is lower than within mainstream economics; 3) some of commonly used ways of grouping heterodox and mainstream schools of thought have little explicative power in relation to individual opinions; 4) on critical economic policies, the opinions of heterodox and mainstream economists are significantly different even after controlling for a number of individual characteristics, including political opinions
Uncertainty, trade integration and the optimal level of protection in a Ricardian model with a continuum of goods
No full textThis paper analyzes the effects of increasing trade integration on individual utility when the international specialization pattern is stochastic, i.e. when the range of goods each country produces depends on the realization of a random variable. Using a Ricardian continuum of goods model it is shown that under uncertainty a trade-off emerges. As in the standard deterministic model, higher trade integration reduces prices and increases expected real income. However, higher trade integration, reducing the number of active sectors in the economy, also increases the displacement cost the worker suffers when the sector she is employed into has to close down because, ex-post, the foreign country's competing sector results to be more efficient. Two are the main results of the model. First, it is shown that, under uncertainty and job specificity, increasing trade integration is not always welfare enhancing. Second, there exists an optimal level of protection that is higher the smaller the price reduction induced by trade integration and the more technologically similar are countries
Industrial Policy in BRICS Countries: Similarities, Differences and Future Challenges
No full textThis chapter provides a broad description of the evolution of industrial policy in the BRICS since the end of World War II. It discusses the similarities, differences, and future challenges concerning industrial policy in these countries. The objective of the chapter is to answer a number of crucial questions such as: which are the common elements and the main differences between the different industrial policy models adopted by the BRICS during their development process? Are these different industrial policy models converging towards a similar type or not? Are there any lessons that can be learnt from the experience of the BRICS with industrial policies
Schools of Thought and Economists’ Opinions on Economic Policy
No full textIn this paper we bring to data the hypothesis that differences in economists’ opinions on economic policy are related to differences in the school of thought (SofT) they belong to. Our analysis is based on a unique data set of survey responses from a representative sample of Italian economists. Two are the main results: First, differences in the SofT predict differences in economists’ opinions on economic issues, even controlling for individual, group, and community characteristics, spatial and knowledge heterogeneity, and political orientation. Second,
dichotomous categorizations such as Mainstream vs Non-Mainstream or Orthodox vs Heterodox have poor explicative power as for economists’ disagreement on economic issues
The Italian Economy, the Economic Crisis and Industrial Policy
Full text linkThis paper presents an analysis of the most important aspects of the Italian economy in the midst of the current economic crisis and discusses the country’s past and current approach to industrial policy (IP). Our focus is on the characteristics and evolution of the manufacturing sector and on how this has infl uenced the country’s competitiveness and structural change dynamics
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