Journal of Economics Bibliography

Socio-cultural evolution, institutionalized dispositions, and rational expressive behavior

Hiroaki HAYAKAWA — 2025-10-31

This paper explores the possibility of grounding human behavior in a social space and characterizing it as a rational expressive, norm-guided behavior based on institutionalized dispositions under bounded rationality. For this purpose, we first review critically the four major theories of cultural evolution, namely, Adam Smith's theory of moral sentiments, Veblen's theory of leisure class, and Bourdieu's theory of habitus and distinction, in order to abstract the common core that provides a basis on which to build a theory of rational expressive behavior under the constraints of economic factors, information flow, social sanctions, and psychological satisfaction. In particular, the paper addresses the following questions: (1) how preferences turn into institutionalized dispositions through habituation, (2) how a socio-economic order evolves as a product of institutionalized dispositions, cultural capital of life-styles, expressive symbolism, and social norms, (3) how social want emerges as a convoluted want reconstituted of social facts of life-styles and desire for upper status identification, (5) how is the behavior based on this want related to the bounded rationality in problem solving. Our inquiry will show that human behavior embedded in a socio-cultural context can be characterized as rational behavior seeking symbolic profits defined by the social want satisfying capacity of choice objects, and that such rational behavior is the source of predictable behavior that can serve as a medium of cultural evolution.

Keywords. Institutionalization; Common normative values; Dispositions; Evolution; Expressive behavior; Symbolic profit; Social want; Lifestyles; Emulation and avoidance; Bounded rationality.

JEL. Z13; B52; B25.

Analyzing economic growth: What role for public investment?

Youssef OUKHALLOU — 2025-10-31

This paper discusses the role of public investment in the determination of output growth from different theoretical and empirical points of view. The light is shed on the factors that allegedly explain the success and/or the failure of public investment policies in enhancing productivity and supporting GDP, based on a review of empirical evidence in advanced and developing economies. The downstream objective is to provide decision makers with a set of general rules-of-thumb that are likely to help them improve the macroeconomic returns of public investment. The latter are found to be significantly influenced by efficiency and profitability-based selectivity of investment projects. Countries with a relatively low capital-labor ratio usually have higher public and private capital profitability, while the public-private investment substitutability increases the likelihood of crowding out effects. The paper also gives hints on the possible existence of an optimal growth-maximizing level of public investment.

Keywords. GDP growth; Public investment; Productivity; Private investment; Development.

JEL. E62; H54; O40.

The unresolved mystery of the great divergence is solved

Ron W. NIELSEN — 2025-10-31

The so-called great divergence in the income per capita is described in the Unified Growth Theory as the mind-boggling and unresolved mystery about the growth process. This mystery has now been solved: the great divergence never happened. It was created by the manipulation of data. Economic growth in various regions is at different levels of development but it follows similar, non-divergent trajectories. Unified Growth Theory is shown yet again to be incorrect and scientifically unacceptable. It promotes incorrect and even potentially dangerous concepts. The distorted presentation of data supporting the concept of the great divergence shows that economic growth is now developing along moderately-increasing trajectories but mathematical analysis of the same data and even their undistorted presentation shows that these trajectories are now increasing approximately vertically with time. So, while the distorted presentation of data used in the Unified Growth Theory and the spuriously-created great divergence suggest the generally sustainable and secure economic growth, the undistorted presentation of data demonstrates that the growth is unsustainable and insecure. Similar dangerously incorrect concept promoted by the Unified Growth Theory is the repeated doctrine of takeoffs from the hypothetical but non-existent stagnation to growth. They also suggest prosperous and secure future. Such takeoffs never happened but even without them the current economic growth is insecure.

Keywords. Economic growth; Unified Growth Theory; Regional economic growth; Great Divergence; Income per capita; Hyperbolic growth

JEL. A10; A12; C12; C20; C50; F00; N00; Y80.

A Tax, Trade and Investment Perspective in the EU and beyond. By Irma Johanna Mosquera Valderrama, Frederik Heitmüller, Julien Chaisse, & Allison Christians (Eds.), Springer 2025

Hideo Takeo FUMIO — 2025-10-31

This book provides a critical, interdisciplinary examination of the common governance challenges arising from the intertwined areas of international tax, trade, and investment law. The global economy's interconnected nature means that national policy choices across these three realms are a "bewildering mix" of conflicts and constraints, forcing every cross-border decision to navigate overlapping regulatory regimes. The volume explores how the confluence of interdependence and incompatibility among tax, trade, and investment institutions constantly produces conflict and renegotiation regarding international cooperation. It emphasizes that current transnational institution building reflects historical geopolitical and socioeconomic distinctions, with dominant trends often influenced by highly developed countries. Key topics include the shifting power to tax from the national to the international level, the role of the European Union in harmonizing legislation (e.g., the EU Standard of Tax Good Governance), and current reforms such as the OECD's BEPS project. Ultimately, the book aims to enhance interdisciplinary exchange and analyze how the convergence of these legal areas shapes global economic development and nation-state competition.

Keywords. Global Governance Redefinition; International Tax Law; BEPS; International Trade and Investment Law; European Union (EU) Policy; Governance; Developing Countries; Socio-Economic Regions.

JEL. F13; F21; H26; K33; P52.

Front Matter

EconSciences Contact — 2025-10-31

Front Matter