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Lucas paradox in the light of neoclassical theory

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Janicka M.

Central European Review of Economics & Finance

2016

issue Vol. 11, No 1

27-40

In their analyses devoted to the directions of international capital flows, economists dealing with the subject often make references to conclusions reached by R. Lucas Jr, i.e., to the so called Lucas paradox. In literature, Lucas paradox provides the starting point for considerations on how neoclassical model works when it comes to the directions and volume of capital flowing among countries in modern global economy. This paper aims at discussing the rationale behind the study conducted by R. Lucas Jr and, consequently, the justification for his conclusion. Lucas paradox is considered in two approaches: classical, i.e., consistent with conclusions drawn by R. Lucas: capital flows between countries in amounts smaller than suggested by differences in marginal products of capital in individual countries and the flow does not equalise them; and contemporary: directions of capital flows in global economy are not consistent with those delineated by the neoclassical model, capital flows from poor (developing) countries to rich (developed) ones. Taking account of neoclassical model assumptions, in both approaches to Lucas paradox drawing "hard" conclusions with respect to directions of capital flows in contemporary economy based on quoted studies does not seem justified.(original abstract)

Financialisation phenomenon from the perspective of the regulation school

84%

Pęciak R.

Central European Review of Economics & Finance

2016

issue Vol. 13, No 3

83-94

Within heterodox trend, since 1970s the French Regulation School has been conducting a research program that emphasises the importance of emergence and adjustment of institutions in the process of regulation of capitalism. The goal of the paper is to present changes in institutional structure from Fordism to contemporary system determined by the process of financialisation of economies from the perspective of the Regulation School. The structure of the paper is subordinated to the thesis that in regulationists' interpretation, determinants of Ford's regime generated dynamic economic growth, whereas contemporary structure of institutional forms, based on financialisation is not conducive to long-term and stable economic growth. In the first part of the paper the research program of the Regulation School is comprehensively discussed. Then institutional forms and their specific structure in Fordism are described. The last part is focussed on the most important changes in contemporary institutional structure that result from the process of financialisation of economies.(original abstract)

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2 Central European Review of Economics & Finance

1 Janicka M.

1 Pęciak R.

2 2016

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Lucas paradox in the light of neoclassical theory

Financialisation phenomenon from the perspective of the regulation school