591 research outputs found

    Economic Approaches to Human Labour: From the Labour Theory of Value to the Marginal Productivity of Labour

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    A most prominent economic framework, certainly very influential in policy circles, is the idea of a labour market, in which wages are set according to the demand for labour, which depends upon the marginal productivity of labour, and the supply of labour, which depends upon how subjective preferences lead to a given trade-off between consumption and leisure. This analytical framework, which leads to the conclusion that an efficient allocation of labour requires sufficient flexibility in the labour market, contrasts sharply with the approach to human labour of the early classical political economists, who studied value not in terms of supply and demand curves, but rather in terms of the cost of production, expressed in terms of human labour. Here I will discuss these two alternative approaches to human labour, taking into account the methodological and theoretical consistency of each approach, its empirical validity, and the implications that each framework has for economic policy making and the construction of political discourse.info:eu-repo/semantics/publishedVersio

    Process and Order in Classical and Marginalist Economics

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    In this article I compare the classical theory of value with the theory of value that emerged after the marginal revolution, taking into account the underlying conceptions of process and order that are implicit in each theory. In classical political economy, the economy is conceived of as a continuous process of reproduction, wherein a surplus is distributed through various social classes. After the classical period, the notion of reproduction is replaced with the notion of equilibrium, while the analysis of society in terms of social classes is replaced by methodological individualism. Value also starts to be seen in terms of marginal utility, rather than cost of production. This transformation brought important changes to the implicit philosophical conceptions of process and order that have underpinned the dominant economic doctrine from the classical period until today, leading to the marginalist belief that market exchange is always the most efficient coordinating mechanism of the economy. The classical perspective, however, contains a broader conception of socio-economic reproduction, which is consistent with different institutional arrangements.info:eu-repo/semantics/publishedVersio

    Why is this ‚Äėschool‚Äô called neoclassical economics? Classicism and neoclassicism in historical context

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    This article addresses the origins of the term ‚Äúneoclassical‚ÄĚ economics, and the subsequent use of the term. It is argued that the present use of the term ‚Äúneoclassical‚ÄĚ economics is different from its original meaning when it was first introduced by Thorstein Veblen, who used it to denote a methodological inconsistency between vision and method, as Tony Lawson argues. I also argue here that the original meaning of the term, and its present use, are both contradictory with the original meaning of ‚Äúclassical political economy‚ÄĚ. In fact, if we follow the original meaning of the term ‚Äúclassical political economy‚ÄĚ, as a surplus approach concerned with the reproduction and distribution of the economic surplus, we find that many of those who are critical of ‚Äúneoclassical economics‚ÄĚ are actually in line with the classical perspective, to the extent that they also develop a surplus approach.info:eu-repo/semantics/publishedVersio

    The influence of critical realism on managerial prediction

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    In this conceptual paper we suggest that a critical realist perspective alters managerial views on prediction and strategy formation. For that purpose, we review alternative notions of prediction in economic theory in the light of critical realism. In addition, we review the role of prediction in alternative streams of thought on strategy formation. The corollary of such a literature review is a new conceptualisation of the organisational environment as an open system which is not prone to prediction but can be a source of learning for strategists. Such critical realist view alerts researchers and practitioners for the provisional nature of scientific explanations and the dangers of premature prediction. Critical realism is thus a promising avenue for further research on strategy formation and more appropriate strategizing.info:eu-repo/semantics/draf

    Impact of COVID-19 on cardiovascular testing in the United States versus the rest of the world

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    Objectives: This study sought to quantify and compare the decline in volumes of cardiovascular procedures between the United States and non-US institutions during the early phase of the coronavirus disease-2019 (COVID-19) pandemic. Background: The COVID-19 pandemic has disrupted the care of many non-COVID-19 illnesses. Reductions in diagnostic cardiovascular testing around the world have led to concerns over the implications of reduced testing for cardiovascular disease (CVD) morbidity and mortality. Methods: Data were submitted to the INCAPS-COVID (International Atomic Energy Agency Non-Invasive Cardiology Protocols Study of COVID-19), a multinational registry comprising 909 institutions in 108 countries (including 155 facilities in 40 U.S. states), assessing the impact of the COVID-19 pandemic on volumes of diagnostic cardiovascular procedures. Data were obtained for April 2020 and compared with volumes of baseline procedures from March 2019. We compared laboratory characteristics, practices, and procedure volumes between U.S. and non-U.S. facilities and between U.S. geographic regions and identified factors associated with volume reduction in the United States. Results: Reductions in the volumes of procedures in the United States were similar to those in non-U.S. facilities (68% vs. 63%, respectively; p = 0.237), although U.S. facilities reported greater reductions in invasive coronary angiography (69% vs. 53%, respectively; p < 0.001). Significantly more U.S. facilities reported increased use of telehealth and patient screening measures than non-U.S. facilities, such as temperature checks, symptom screenings, and COVID-19 testing. Reductions in volumes of procedures differed between U.S. regions, with larger declines observed in the Northeast (76%) and Midwest (74%) than in the South (62%) and West (44%). Prevalence of COVID-19, staff redeployments, outpatient centers, and urban centers were associated with greater reductions in volume in U.S. facilities in a multivariable analysis. Conclusions: We observed marked reductions in U.S. cardiovascular testing in the early phase of the pandemic and significant variability between U.S. regions. The association between reductions of volumes and COVID-19 prevalence in the United States highlighted the need for proactive efforts to maintain access to cardiovascular testing in areas most affected by outbreaks of COVID-19 infection

    Search for new particles in events with energetic jets and large missing transverse momentum in proton-proton collisions at root s=13 TeV

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    A search is presented for new particles produced at the LHC in proton-proton collisions at root s = 13 TeV, using events with energetic jets and large missing transverse momentum. The analysis is based on a data sample corresponding to an integrated luminosity of 101 fb(-1), collected in 2017-2018 with the CMS detector. Machine learning techniques are used to define separate categories for events with narrow jets from initial-state radiation and events with large-radius jets consistent with a hadronic decay of a W or Z boson. A statistical combination is made with an earlier search based on a data sample of 36 fb(-1), collected in 2016. No significant excess of events is observed with respect to the standard model background expectation determined from control samples in data. The results are interpreted in terms of limits on the branching fraction of an invisible decay of the Higgs boson, as well as constraints on simplified models of dark matter, on first-generation scalar leptoquarks decaying to quarks and neutrinos, and on models with large extra dimensions. Several of the new limits, specifically for spin-1 dark matter mediators, pseudoscalar mediators, colored mediators, and leptoquarks, are the most restrictive to date.Peer reviewe

    Combined searches for the production of supersymmetric top quark partners in proton-proton collisions at root s=13 TeV