Volume 13: Issue 2

Articles

____________________________________________________________________________________________________________________________

The Trinity 2.0 Arrangement of Sraffa Papers Section D3/12: Notes on Production of Commodities by Means of Commodities

Scott Carter
Professor of Economics
The University of Tulsa, Oklahoma, USA
scott-carter@utulsa.edu

Abstract

Beginning in September 2016 and with the endorsement of Piero Sraffa’s current literary executor Lord Eatwell, the Wren Library, Trinity College, University of Cambridge, began releasing on the Janus portal of its website thousands of pages of color digital images contained in the most important files from the Sraffa Papers.[i] This is a very welcome development as now all interested scholars and lay-people alike are able to enjoy deep unfettered study of the non-interpreted raw material from which to base their own ideas, opinions, and developments regarding Sraffa’s very much unfinished intellectual project. With this development matters are quickly moving from famine to feast and likely in the coming months and years we will become inundated with material as images of Sraffa’s handwritten notes start to populate the worldwide web.  And as economics remains in search of its soul, we are fortunate indeed to now have the breadth to finally complement the depth of Sraffa’s ideas and developments on matters of great interest and importance to the science.

_______________________________________________________________________________________

Sharpening Differences in Orthodox and Heterodox Views on Money and Banking

Romar Correa
University of Mumbai
romarcorrea10@gmail.com

Abstract

We engage with David Andolfatto (2018) on the theme. The two approaches are alleged to have converged in regarding banks as creators of money in the process of initiating lending. We synthesise insights from different factions of the French camp of political economy to make the case that heterodoxy is richer than this claim.  Money as an asset-liability is the wage fund in the “first moment” of the monetary circuit. The accumulation of capital is the “second moment” in the sequence, recorded in a separate account at the bank or supported by a financial institution. The “third moment” is the closing of the accounts of demands and supplies generated by the first two moments. Régulation Theory is a related internally-consistent conceptual structure which tracks modes of production as they evolve in history. We dwell on the constructive aspects of the programme as scholars stitch together elements of the present and develop an apparatus to grapple with the emerging new regime of production and distribution. The private sector and state are joined and the bank-central bank is a continuum. Finally, the class structure in the heterodox approach goes deeper than agent heterogeneity.

____________________________________________________________________________________________________________________________

Subjectivity in Economics

Matthew T. Clements*
St. Edward’s University
mattcl@stedwards.edu

Abstract

Economics is never truly value-free. The subjective aspects of economic analysis are underappreciated and should be more explicitly recognized. The presence of subjectivity need not detract from the value of economics research in understanding social phenomena.

____________________________________________________________________________________________________________________________

We Have Got Credit!

Aparna Gosavi
Winston-Salem State University
Email: gosaviaa@wssu.edu

Abstract

This paper investigates whether there is a gender bias in granting credit for businesses from Eastern Sub-Saharan Africa. It is first necessary to determine whether firms are credit-constrained. In order to identify the status of the firms with respect to credit, two recently introduced methods that can identify the credit-constrained status of firms are used.  The paper uses World Bank’s Enterprise Survey Program data set from 2013 to investigate this question. The empirical results obtained, after controlling for a large number of firm-level characteristics and using country-level dummies, reveal that female-owned firms appear to have more access to credit than their male counterparts. The paper also shows that the female-owned firms in the region finance their capital according to the Pecking Order Hypothesis.

____________________________________________________________________________________________________________________________

Book Reviews

____________________________________________________________________________________________________________________________

“Capital as Value in Motion and Boundless Accumulation”: A Review of David Harvey’s: Marx, Capital, and the Madness of Economic Reason

Book Review of Harvey, David (2018). Marx, Capital, and the Madness of Economic Reason, Oxford University Press.

Reviewed by: Michael J. Murray
michael.murray@bemidjistate.edu
Bemidji State University