1,721,007 research outputs found
Capital stranding cascades: The impact of decarbonisation on productive asset utilisation
Get PDFThe aim of this article is to assess the exposure of economic systems to the risk of physical capital stranding following a reduction of fossil fuel production and use. We calculate cross-sectoral and cross-country ‘marginal stranding multipliers’ for 43 regions, and study how supply-side capital stranding might propagate via international production networks. We show how the fossil industry has the potential of creating significant stranding cascades affecting downstream sectors and the economic system as a whole. We then focus on cross-country stranding impacts and rank countries according to their external stranding potential and to their exposure to external strandingrisk. Finally, we analyse more in depth the origins and transmission channels of the stranding links affecting the most exposed countries (US, China and Germany). Our results confirm the relevance of including multi-regional production networks and physical capital stranding into the ongoing effort to assess the macro-financial implications of a low-carbon transition.Series: Ecological Economic Paper
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
New ways to slice the pie: Span of control and wage and salary distribution within firms
Get PDFIn recent decades, firms have been seen to “delayer” and shrink middle management. We show in this paper that changes in management structure affect income distribution within the firm. The managerial wage bill follows from an accounting relationship that depends on the manager’s span of control and step increases in managerial pay. Holding those factors fixed, CEO pay is found to increase with the size of the firm, thereby reproducing one of the best-documented observations of firm compensation. Also, the contribution of within-firm wage inequality as measured by the Theil index is found to be of the same order of magnitude as between-sector inequality. When the span of control rises, as it has in recent decades, wage and salary inequality declines. We argue that the well-documented rise in income inequality is a result of rapidly expanding equity-based compensation. Following traditions in economics that propose a social basis for income distribution, the paper argues that changing the span of control and step changes in pay between levels in the managerial hierarchy, as well as the profit share, are factors through which upper management, middle management and production workers can negotiate their slice of the pie
Resource Return on Investment under Markup Pricing
Get PDFIn the (very) long run, a sustainable economy must rely on renewable resources. Until that time, an economy can be based on either renewable resources alone or a mix of renewable and non-renewable resources, but the particular mix may constrain the types of economic structures that are possible. A particularly important consideration is the quantity of resources required to extract the resources on which the economy is based, whether it is seeds retained for planting or petroleum used to extract oil. In the case of energy this is called “energy return on energy investment”, or EROI. More generally, it can be considered “resource return on resource investment”, or RROI. EROI has drawn attention lately both because the EROI of fossil fuels is falling and because the EROI of some renewable alternatives – especially for liquid fuels – is low compared to fossil fuels. In conventional economic analysis it is not clear what the relation between EROI, energy price, and macroeconomic outcomes might be. However, it raises immediate concerns within an Ecological Economic framework, in which resources – which may contribute only a small amount to GDP – are viewed as essential to the functioning of the economy. Resources are pictured as sitting at the base of an inverted pyramid, with the rest of the economy balanced on top of them. In this paper we show that when prices are set by markup, a standard Post-Keynesian assumption, then the “inverted pyramid” picture of the economy emerges naturally. We use this result to develop a computational framework for a “markup economy”, and apply it to the question of the macroeconomic impact of changes in resource prices and resource return on investment. We use the resulting model to explore several macroeconomic questions, demonstrating that the model is quite useful for exploring the role of natural resources in the macroeconomy. We then show our main result, that RROI has a surprisingly limited effect on real wages until it reaches quite low values
Cost-share induced technological change and Kaldor’s stylized facts
Get PDFThis paper presents a theory of induced technological change in which firms pursue a random, local, and bounded search for productivity-enhancing innovations. Firms implement profitable innovations at fixed prices, which then spread through the economy. After diffusion, all firms adjust prices and wages. The model is consistent with a variety of price-setting behaviors, which determine equilibrium positions characterized by constant cost shares and productivity growth rates. Target-return pricing yields Harrod-neutral technological change with a fixed wage share as a stable equilibrium, consistent with Kaldor’s stylized facts, while allowing for deviations from equilibrium, as observed in the longer historical record
A Kaleckian Model with Intermediate Goods
Get PDFKaleckian models are widely used for macroeconomic analysis due to their flexibility and simplicity. Sraffians counter that the Kaleckian model fails to capture a central fact of modern economies, the existence and importance of intermediate consumption. The critique is correct, but as the remedy appears to be a detailed analysis with multi-sectoral input-output tables, Sraffian models have not displaced their more tractable Kaleckian counterparts. This paper presents a model with intermediate consumption that is Kaleckian in spirit, although prompted by the Sraffian critique. It is shown that the profit share of GDP can be decomposed into two factors, an average profit share at firm level and a factor capturing intermediate goods consumption. The corresponding firm-level markups for a sample of fourteen OECD countries cluster closely around a common value that remains steady when averaged over business cycles. Taking this as evidence that the factorization is empirically meaningful, the paper then constructs a modified Kaleckian model. Using the modified model it is shown that economies are always profit-led with respect to a change in intermediate consumption, but may be either profit-led or wage-led with respect to a change in the firm-level markup, opening the possibility for diverse trajectories over business cycles. The model is applied to France, which has a particularly long data series, and is shown to perform well in explaining changes in utilization rates
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