1,721,041 research outputs found
Il capitalismo dal volto umano di Alberto Mingardi fra pragmatismo e disincanto
Get PDFTaking inspiration from the book "Capitalism" by Alberto Mingardi, we first try to summarize the true meaning that the author attributes to this system. Mingardi, in this regard, follows the historian Deirdre McCloskey, for whom capitalism is not only an unprecedented and accelerated process of capital accumulation, but also the genesis of a new ethos that produces the "culture of growth" and the "great enrichment". However, we ask ourselves whether there are schools of thought adequate to describe the capitalist system as Mingardi intends it. We also raise serious doubts about financial capitalism's ability to promote social harmony and peace. Finally, we observe how capitalism is at present moving from a competitive configuration to a substantially corporative and oligopolistic one
Politiche migratorie selettive e flussi migratori in uscita
No full textIn questo articolo ci si propone di analizzare alcuni aspetti teorici legati al fenomeno della migrazione di ritorno, in particolare le determinanti che incidono sulla scelta, da parte degli immigrati, di rientrare eventualmente. dopo un periodo trascorso all'estero, nel loro Paese d'origine. Le motivazioni alla base di tale scelta sono molteplici e difficilmente enumerabili e sintetizzabili in un quadro concettuale unificato, in quanto non sono sempre riconducibili a delle precise considerazioni dì carattere meramente economico, ma coinvolgono pure degli aspetti di natura culturale, politica e sociale. In particolare, ci si sofferma sugli effetti indotti da politiche di maggiore apertura delle frontiere sulla migrazione di ritorno e si mostra come gli immigrati che prendono in considerazione la possibilità di effettuare tale scelta, ma esitano a rinunciare al status di immigranti - spesso conseguito con grande difficoltà e sopportando ingenti costi - sono verosimilmente maggiormente inclini a tornare a casa qualora risulti più agevole riemigrare nel Paese ospite nel caso le contingenze sopravvenute nel frattempo rendessero tale scelta necessaria. Di conseguenza, rendendo maggiormente flessibili le frontiere, si incentiva un flusso migratorio in uscita di dimensioni maggiori rispetto a quelle generalmente riconosciute
voting on mass immigration restriction
No full textWe study how immigration policies are determined under voting in a two-country model where immigration redistributes income from wages to capital. Migration decisions are endogenous, there exist border enforcement costs and preference for home-country consumption. We model the migration policy as a pure entry rationing rather than a necessarily porous screening system. Unlike the existing results of polarization, our findings show that preferences over frontier closure are distributed on a continuum, going from total closure to total openness. Thus, the Condorcet winning immigration policy may well be an interior solution. Our results fit the real-life observation that both perfect closure and perfect openness are rare events. We also study the case of a referendum over two alternative policies and show that its outcome depends upon the location of the median voter with respect to the individual indifferent between the two alternatives
Multiple equilibria in a cash-in-advance two-sector economy
No full textWe consider a two‐sector infinite horizon economy with a fractional cash‐in‐advance constraint on consumption expenditures. This formulation allows us to consider a steady‐state velocity of money that is strictly greater than one and, therefore, provides a more plausible framework than the standard formulation in which all the consumption purchases are paid cash. We prove that the steady state is bound to be indeterminate and multiple equilibria occur when the share of the liquidity constraint is low enough and that a capital‐intensive investment good or a strongly capital‐intensive consumption good improve considerably the scope for indeterminacy. As a consequence, we show that without any restriction on the elasticity of intertemporal substitution in consumption, multiple equilibria might occur if the velocity of money is greater than a critical bound that is compatible with empirical estimates
Plausibility of Indeterminacy and Complex Dynamics
No full textWe study a pure exchange economy with infinite-lived agents, in which a share of consumption purchases must be paid cash. The economy may exhibit multiple equilibria, no matter what the fundamental specification, the only requirement being a share of consumption to be paid cash sufficiently low. Complex dynamics, such as chaos and cycles of any periodicity, can emerge under gross substitutability, a condition usually known for eliminating such phenomena
Should I Wait or Should I Pay? The Dynamics of Private and Public Healthcare
No full textIn many countries, private and public healthcare systems coexist.
However, in recent years, fiscal austerity combined with slow growth has led to
dramatic cuts in public healthcare, despite increasing demand due to an aging
population and advances in medical technology. As a result, structural supply
shortages and longer waiting lists are used as rationing devices. This paper
analyzes these issues within an overlapping generations (OLG) model with capital
accumulation. Agents consume both private and public healthcare and invest in
preventive medicine when young. We first analyze the decentralized economy
outcome and then compare it to the Social Planner solutions. Finally, we prove that
any Pareto optimum can be decentralized by appropriately managing public debt
and healthcare spending
Land take, land use and environmental issues. Is the Kuznets curve valid? The case of Italy
Get PDFLand take represents a relevant issue in all economies, with important consequences on
the quality of the environment. In this paper we investigate the relationship between
land consumption and economic development following the environmental Kuznets
curve (EKC) hypothesis. We first propose a theoretical model linking land
consumption with income levels and then study the Italian case. We analyse data
from the provinces between 2015 and 2021 by means of spatial panel econometric
techniques and using panel estimators with spatial and a-spatial instrumental
variables. Our results, robust to the different estimation techniques and to the
inclusion of control variables, show that Italy is in the decreasing phase of the EKC
Taylor and fiscal rules: When do they stabilize the economy?
No full textWe consider a New Keynesian model with nominal rigidities and fractional cash in-advance constraint on consumption expenditures. We study the stability properties of the model when Taylor rules react either to current inflation or to expected one. We account for different public sector budget identities and different fiscal policies ensuring Government solvency. Under an independent Central Bank, forward-looking Taylor rules promote sunspot fluctuations more easily than contemporaneous ones because they set in motion a mechanism of self-fulfilling prophecies. Conversely, the introduction of capital as an asset alongside public securities facilitates smoothing behavior and reduces the region of indeterminacy but brings out multiple steady states. When public sector budget identities are consolidated, the stabilization of total public liabilities reduces the likelihood of sunspot fluctuations and even rules them out in the presence of capital accumulation. Finally, we perform a complete welfare analysis allowing to rank equilibria and to identify the best policy mix to implement Pareto-superior outcomes
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