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Nowadays, basic income is acclaimed as the main example of a progressive idea of society, free from poverty and exploitation. However, as emerges provocatively by Polanyi and Hayek’s analysis, basic income could easily become an economic policy alternative to full employment. But when unemployment is accepted as a natural order in a situation of unsatisfied basic needs, we are facing a regressive vision of economic system.
Most economists believe that the economic crisis is due to a structural excess of saving on investment. However, if we admit that production decisions follow the effective demand, it is easy to show that S and I are always equal. We suggest instead that crisis is due to the lack of demand that causes a high degree of unused capacity. The resulting sunk costs could be transferred to wages, further reducing demand. So, increasing investment, without raising wages, would worsen the effect of the crisis.
The 2007/2008 financial crisis has destroyed the illusion of who believes that capitalism would be able to reduce inequality within industrialized country. The optimism of post II World War has been demolished by the economic decadency of middle classes in developed countries. It is undeniable that international living standards have been dramatically improved over time. However, the crucial question is if capitalism - as system of production and social relationships - has been able to redistribute more equally its wealth. If yes, is this process due to specific circumstances or due to capitalism nature?
La proposta di superare l'arbitrarietà dell'aggregazione di indicatori in indici sintetici attraverso la Stochastic Multiobjective Acceptability Analysis (SMAA, Lahdelma et al. 1998; Lahdelma, Salminen, 2001), introdotta su Economia e Politica da Giuliano Resce e da questi...
This paper shows the relation between a composite index of well-being and the lack of trust in the institutions in Italy. The data are taken from the last round of voting for the constitutional referendum in December 2016, and the last version of BES, that is a well-being indicator of ISTAT. From a methodological perspective the composite index of well-being is esteem of Stochastic Multiobjective Acceptability Analysis. The results show a generalized spatial segregation, and a North-South divide that involves all the aspect of life included in the BES, as well as the share people voting ‘yes’ in the 4th December referendum.
Austerity policies have been presented as the only paradigm able to solve the current economic crisis. This paper will try to show that neoclassical theories on unemployment are not supported by solid empirical evidence. The case study of Great Britain during the Great Depression to prove that (i) unemployment is not voluntary and (ii) public subsidies do not increase opportunistic behaviours.