REVISTA DE ECONOMÍA INSTITUCIONAL No. 34,
FIRST SEMESTER DE 2016
Founding Property Rights: The Classics and the Modernse
Michel S. Zouboulakis[pdf][html]
[Keywords: Property rights, Adam Smith, Ricardo, Senior, John Stuart; JEL: B12, B52, D23, P14]
The history of a concept sometimes discovers mental representations and particular expressions that reveal distinct theoretical developments. Although the economic analysis in terms of “property rights” started in the early 1960’s by Alchian, Coase and Demsetz, the concept itself was familiar to Classical Political Economists. In its broad sense, the definition of property rights was present in Adam Smith’s Lectures of 1762-63. It evolved significantly with Ricardo (1817), Senior (1836), and J.S. Mill (1848). Recalling the ideas of the Classics about the rights to own and use the basic production factors -namely labour, land and capital- and their output, will considerably improve the current debate.
José Francisco Bellod Redondo [pdf][html]
[Keywords: Physiocracy, Rousseau, academic curriculum; JEL:
Jean Jacques Rousseau, an eminent philosopher and writer, intellectual father of romanticism, hasn’t received in the texts of history of economic thought the relevance he deserves. In this article we review his most important contributions and discuss the possible causes of his exclusion. Our conclusion is that the centrality of inequality and the critique of private property in the economic discourse of Rousseau have caused his undeserved exclusion.
Inequality, the financial crisis and stagnation: competing stories and why they matter
Thomas I. Palley[pdf][html]
[Key words: Income inequality, financial crisis, stagnation, economic theory; JEL: E00, E02, E10, E20, E24]
This paper examines some conventional explanations of the financial crisis and stagnation, and the role attributed to income inequality, in contrast with a structural Keynesian explanation. The role of income inequality differs essentially and leads to different policy which forms recommendations. This highlights the importance of economic theory, which forms our understanding of the world and therefore our reactions. The theoretical narrative that implicitly shapes policy. And this necessarily applies to the issue of income inequality, the financial crisis and stagnation.
The hierarchy of national currencies and current financial problems
[Key words:finance, corporate government, government policy, regulation; JEL:G00, G3, G38]
In this paper we aim to develop the concept of hierarchy of national currencies in order to put in context the worldwide financial and monetary structure and its relationship with central features of current capitalism. It focuses on the analysis of global imbalances, changes in the objectives of central banks, the main problems of the financial system and the limits of the financial institution to formulate a program of structural reforms.
Computational agents and economic analysis
Juan Manuel Larrosa[pdf][html]
[Key wordsmulti-agent system, agent-based simulation, agent-based computational economics, bounded rationality, heterogeneity; JEL: C63, E17, E27, E37, E47, F47, G17]
Simulation of systems of multiple agents and agent-based modeling deal with virtual entities that interact according to the rules of controlled environments. Thereby, they help to understand the behavior of real economic agents, considering factors such us heterogeneity, spatiality, bounded rationality, among others. Many economic problems can be well modeled with significant results. This article surveys academic work on agent-based approaches in economics and highlights the promising features as well as the limitations of its implementation.
Discrimination and wage differentials in the labor market
Fabio David Nieto[pdf][html]
[Key words: Discrimination, preferences, wages, social dynamics; JEL: J16, J31, J71]
This paper presents a model of wage determination in the labor market using replicator dynamics to characterize the behavior of social regularities created by the employers’ discrimination preferences. The basic hypothesis of this article suggests that preferences of the employers are subject to the inherent social dynamics of interaction between labor supply and demand in a full employment scenario. This is a theoretical contribution to the discussion about wage discrimination, a subject in which empirical studies on wage differences prevail.
Development and planning in Latin America. Theories and instruments
Aldo Olano Alor[pdf][html]
[Keywords: Modernity, development, ECLAC, planning, structuralism; JEL:O1, 024, O54]
This article reviews the theoretical components of the development strategy of import substitution promoted by ECLAC, based on documents of the Commission and its senior officials. The implementation of the development model, which did not consider the historical evolution and the peculiarities of Latin America, was a compromise with the entities that promoted it globally
The end of a successful stage. Fta’s in Chile’s trade strategy
[Keywords: Trade policy, economic Development, Chile;
JEL: F13, O24, O54]
Chile's trade strategy, based on improving access to international markets, is considered successful. But although economic growth of the last thirty years is impressive, it was not able to diversify the country’s productive structure. A new stage begins where business strategy should focus on innovation, which requires a revision of the role of the State in the market and to surpass horizontal policies.
Tax reform in Colombia is neither structural, comprehensive nor progressive
Jorge Iván González y Federico Corredor [pdf][html]
[Keywords: tax reform, oil prices, structural reform;
E00, E65, H30]
This article analyzes the report presented by the Commission of Experts for Equity and Tax Competitiveness to the Colombian government. The fiscal situation of the country has deteriorated because of the fall of oil and hydrocarbons prices. The Government and the Commission affirm that the reform has to be structural, comprehensive and progressive, but do not explain the meaning of each term. This article presents definitions to evaluate these proposals and shows that the report has a limited scope and the alternatives are neither structural, comprehensive nor progressive. The report has a notable asymmetry between a good diagnosis and very timid solutions that do not correct the main problems faced.
Royalties and poverty in the caribbean region of Colombia: time for a focused alternative?
Lina Marcela Moyano y Philip William Wright[pdf][html]
[Keywords: Royalties, poverty, direct distribution; JEL: Q00, Q32, E62]
This article assesses whether the new Colombian royalty system has had a significant impact on poverty in the Caribbean region. It examines its ex ante design and ex post impact on the equity of intermunicipal distribution and investment of these resources. It finds that, by design and impact, it has had little effect on poverty between 2012 and 2014. Targeted direct distribution could have eradicated extreme poverty.
Urban density quality in Bogota.
Óscar A. Alfonso Roa[pdf][html]
[Keywords: Population density; residential order; socio-spatial segregation; JEL: R10, R51, R58]
Since the mid-twentieth century, the increase in the density of land occupation for residential use is the preferred option as metropolitan expansion to accommodate population growth in Bogota. What are the socio-spatial results of this election? This article presents an analysis of the occupation of Bogota’s perimeter that transcends the conventional use of density gradients. If proposes to integrate quality measures of density indices to capture urban inequities population density, public and collective facilities, open spaces and social mix. The calculated rate is proposed as an alternative measure of socio-spatial segregation.