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Who pays for peace in Colombia?
Vanda Felbab-Brown

[Keywords: political costs, FARC, armed forces; JEL: H00, E65, E69]

This paper, examines the political costs that will have to be borne by FARC; the Colombian military; Colombia’s rightist politicians and elite and vested interests, internally-displaced people, the coca farmers, and Colombia’s middle class. The analysis also touches on the roles and impacts of various other actors, such as bandas criminales and militant groups continuing to operate in Colombia, including the ELN.


Do DSGE models have a future?
Olivier Blanchard

[Keywords: DSGE models, macroeconomics, dynamic stochastic models, general equilibrium; JEL: E60, E50, E12, E13]

The current dsge models as seriously flawed, but they are eminently improvable and central to the future of macroeconomics. To improve they have to become less insular, by drawing on a much broader body of economic research. They also have to become less imperialistic and share the scene with other approaches to modelization.


Initial and final finance in the monetary circuit and the theory of effective demand
Sergio Cesaratto

[Key words: heterodox modern theory, endogenous money, Keynesian theory; JEL: E12, E44, E51]

One remarkable aspect of modern heterodox theory is the detachment between demand-led growth models and endogenous money theories. This paper suggests a possible integration of the Keynesian theory of the multiplier (and the supermultiplier) with Keynes´s endogenous money and finance theories. Focussing upon Graziani´s version of the Monetary Circuit Theory (tcm), the paper is a contribution towards reconciling the preoccupation of this theory with initial production financing, and the concern of demand-side oriented heterodox growth theories with final financing of autonomous demand.


The idea of entrepreneurship in the Austrian economics and the labour market institutions in the global economy
José Manuel Lasierra [pdf]

[Key words: Institutional, Austrian, transaction costs, firm organization and market structure. public policy; JEL: D23, L14, L22, J88]

In this paper we note a complementary relationship between the Austrian school, based on the individual’s role and markets, and institutional economics, which emphasizes the role of institutions in economic behavior. The idea of continuous improvement in corporate governance takes place in a system of complex and interrelated production in which the contributions of the various actors are necessary and difficult to quantify. Our working hypothesis is that institutions can to solve the distributional conflict and generate more productive organizations, while stimulating the entrepreneurial spirit.


Probability and uncertainty, an approach from the history of thought
Mario García Molina [pdf]

[Key words: Probability, uncertainty, Keynes, decision, judgment; JEL: B16, B22, B31, C02, D81]

Radical uncertainty has been defined as non-probabilistic; however this definition is insufficient as there is no unique notion of probability. The article makes a historical presentation of equiprobabilistic, frequentist and Bayesian definitions of probability and proposes a notion of uncertainty resulting from these definitions. Keynes theory of animal spirits is presented as an explanation of human action in an uncertain social world.


The relationship between economic and sociological neoinstitutionalism
Sagar Hernández Chuliá [pdf]

[Key words: Economic theory, Sociological theory, Neoinstitutionalism, Theoretical convergence; JEL:B40, B50, B52]

This research tries to demonstrate the fundamental agreement between the theoretical contributions from neoinstitutionalist economists and sociologists. To achieve this goal, we grouped these contributions into six main categories: teleology, epistemology, methodology, individual agents, organizations and institutions. In view of the results, we conclude that, while these contributions have a very similar theoretical profile, we can also identify certain discrepancies that open the possibility to establish a profitable debate within this trend of thought.


Copyright. Economic approach, historical evolution and current perspectives
Noemí Pulido Pavón, Luis Palma Martos y Luis F. Aguado [pdf]

[Keywords: Copyright; economics of copyright; economics of copying, intellectual property; JEL: B30, Z11]

Even though copyright is an institution which dates back to the 18th century, the economic analysis of copyright is relatively new; paradoxically it was not until 1934 with Plant’s work when copyright economics started to emerge as a specialized field. This paper aims to draw an historical outline of copyright economics as a new area of economic analysis, focusing on its dilemmas and approaches, as well as on the main challenge for this institution in the digital era, unauthorized copy.


War and taxation in New Granada, 1811-1824
José Joaquín Pinto Bernal y James Vladimir Torres [pdf]

[Keywords: Viceroyalty of New Granada, Republic of Colombia, fiscal policies, economic history, War of Independence; JEL: N46, H56, H30, N66]

The article presents an analysis of the spatial and temporal distribution of the war of independence in New Granada between 1811 and 1824. By using fresh data of individual armed encounters in the Viceroyalty, the article presents a first approach between the spatial and temporal dynamics of the war and the development of the tax system. It sets out how the magnitude of the conflict modified forms of funding and how it affected the capacity of the loyal and insurgent provinces to sustain their long-term political position.


Effect of inflation on elderly colombians
Álvaro Montenegro y Lina M. Ramírez Villegas [pdf]

[Keywords: elderly, price inflation, expenditure survey, income quintiles; JEL: D10, D31, E31, J14]

This paper uses Colombian data to compare the impact of inflation on the elderly and the general population. On average, the elderly spend a greater proportion on housing and health and less on education. Between December 2008 and May 2015, they experienced a higher inflation rate than the rest of the population. Lower income elderly households spend a higher share of their income on housing and food, and face higher inflation than wealthier elderly households.


Practices to improve the regulatory environment in Colombia
Mario Andrés Pinzón [pdf]

[Keywords: regulation, state legitimacy, market failures; JEL: K0, K22, K42]

The purpose of this paper is to analyze, with a new institutional economics framework, regulatory activity and its motivations. Better regulatory frameworks contribute to create an environment of legitimacy for the actions of the State. Nevertheless, this legitimacy can only be achieved by ensuring the efficiency and effectiveness of such frameworks in relation to the aim pursued such as correct market failures, reduce inequity failures, or generation of more competitive environments.


Total factor productivity in chilean manufacturing sector
Claudio Candia, Medardo Aguirre, Natalia Correa y María J. Herrera [pdf]

[Keywords: total factor productivity, Malmquist Index, manufacturing industry; JEL: L6, O33, O40]

The present research analyzes the Total Factor Productivity (TFP) change in the Chilean manufacturing sector through the calculation of the Malmquist index for the period 1998 - 2010. The Data Envelopment Analysis (DEA), which allows the calculation of the Malmquist index as an estimator of the ptf change and the decomposition of productivity change into technological change and technical efficiency. The main results indicate that during the period, the ptf has diminished mainly because of the technological change while the technical efficiency remains constant.


Rentier behavior in Mexican business
Mario Humberto Hernández [pdf]

[Keywords: rentismo, pattern of dependency, institutional history, business performance; JEL: L11, L12, N16, N26, P12]

Latin American capitalists have shown of a rentier behavior that has been an obstacle to its full development. While it is not the only factor, it is one of the most important that perpetuate the economic backwardness in the region, and particularly is a characteristic feature of Mexican capitalism. The purpose of this article is to analyze, from an institutional-historical perspective, the origins and consolidation behavior, which remains distinctive of Mexican capitalism. It also aims to contribute to the discussion of the performance of the Mexican business class in current circumstances.



Revista de Economía Institucional
Universidad Externado de Colombia
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