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This article argues that Marx's transformation procedure has been turned into a nonexistent transformation 'problem' by abolishing time, i.e. by implicitly applying the methodology of neo-classical general equilibrium theory. It then depicts the real transformation process from individual into social values both when technological change is abstracted from and when it is explicitly taken into consideration. Finally the article ends with a critique of the thesis according to which value is created in the act of exchange.

The financial and popular media report almost daily on the volatility of securities market prices. Yet, many people continue to buy securities to hedge against or speculate on certain risks. People can also buy or sell derivatives to hedge against or speculate on fluctuations in securities prices. This Article discusses three regulatory policy implications of utilizing derivatives markets to reallocate the bearing of securities price risks. First, if there are too few non-redundant derivative markets, a competitive market equilibrium allocation of securities price risks is typically constrained Pareto inefficient. This financial economic result means that for typical economies, a regulator can in principle improve social welfare by financial market interventions. Second, introducing some but not enough non-redundant derivatives markets has indeterminate normative consequences for the allocation of securities price risks. This financial economic result means that for typical economies, introducing a new derivative market can improve, worsen, or have no effect on the welfare of consumers and investors. Finally, government regulation might not improve the social allocation of securities price risks because of informational or political economy obstacles. This financial economic result means that for typical economies, the ability of regulatory intervention may be constrained by limited knowledge.

Cet article a fait l'objet d'un WP SMART-LERECO n°11-04, voir lien JEL classification : Q10; Q13;Q18 ; This article provides an analysis of the European Commission's proposals (18 November 2010) regarding the next CAP reform. It proposes a reflection centred on the volatility of agricultural prices, the market regulation mechanisms and the risk management tools (the question of direct payment to farmers is not included here). The first section deals with the factors underlying the volatility of agricultural prices, the effects of this on an international scale and ways of better managing it through enhanced international coordination of policies associated with agriculture. The second concerns the European tools that could be mobilised to accompany and support the envisaged strategies on a more global scale. Arguments are then developed around the following topics: customs duties, export refunds, safety nets, futures markets, fiscal policies and income stabilisation tools. ; Cet article propose une analyse des propositions de la Commission européenne (18 Novembre 2010) relativement à la future réforme de la PAC. La réflexion est centrée sur la volatilité des prix agricoles, les mécanismes de régulation des marchés et les outils de gestion des risques (la question des paiements directs aux agriculteurs n'est pas considérée ici). La première section traite des facteurs qui sous-tendent la volatilité des prix agricoles, les effets de celle-ci à l'échelle internationale et les moyens de mieux gérer cette situation grâce à une coordination internationale renforcée des politiques agricoles. La seconde concerne les outils européens qui pourraient être mobilisés pour accompagner et soutenir les stratégies envisagées à une échelle plus globale. Des arguments sont ensuite développés autour des thèmes suivants : les droits de douane appliqués au secteur agricole, les restitutions à l'exportation, les filets de sécurité, les marchés à terme, les politiques budgétaires et les outils de stabilisation du revenu.

We investigate the sources of changes in GDP volatility observed from 1966 to 2018. We develop a general equilibrium model and calibrate it to US data to characterize the contribution of micro level productivity shocks, inter-sectoral linkages and households' behavior to aggregate volatility. Our results show that changes in sectoral volatility played an important role in shaping GDP volatility and that asymmetries in the economy had a different impact on aggregate volatility over time. Moreover, we show that, despite an increase before the financial crisis of 2007, aggregate volatility has remained low until 2018.

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on their own price and their "neighbor's" price. The latter assumption captures local interactions. Despite the fact that the rational expectations equilibrium (REE) is characterized by a simple pricing rule that firms can easily adopt, the economy does not converge to the REE for all parameter values. When the volatility of monetary innovations is low and interactions among firms are high, the aggregate price level exhibits rigidity, in that it does not fully react to contemporaneous aggregate demand shocks. We discuss the role of the nature of experimentation, and of path dependence driven by interactions, in explaining these results.

Many sociological studies to date have explored the role of food in marking distinctions between groups. Less well understood is how 'alternative' means of food consumption become figured in such relations. Drawing on accounts of food practice derived from 20 in-depth interviews and a two-year period of participant observation, this paper considers the role of class culture in the practice of alternative food consumption. As participants speak their position, expressions of class arise through discussions of food practice. Having explored how food plays a part in marking boundaries of distinction between foods 'for us' and 'for them', we are reminded that in reproducing certain ideas about proper eating, we confine our imagining of alternative food futures to a limited politics of the possible. The paper highlights implications for future development of equitable alternatives to conventional foodways.

Using an international sample of firms from 28 countries, we document that there exists a negative relationship between political connections and the informativeness of stock price, as measured by idiosyncratic volatility (IV). This finding is robust to alternative regression specifications, sub-samples analyses, and concerns related to endogeneity. A more detailed analysis shows that out of the different types of possible connections, the connectedness of the owners is the primary driver of this result. Further, the negative association is only significant for firms in countries characterized by low institutional quality (corrupted countries, countries with low access to external equity markets, and countries with low media penetration). There is no evidence of any relation between political connections and stock price informativeness for firms in countries characterized by high institutional quality. Overall, our results show that although political connections exacerbate rent-seeking that weaken the firms' information environment on average, the negative information consequences are compensated by the countries' institutional quality.

"Food Insecurity" published on by Oxford University Press.

Food politics refers to the social relations that impact the production, distribution and consumption of food. It has become a part of the popular consciousness in the last two decades. The use of food in performance is a means of engaging public consciousness and addressing American food politics. This paper provides a brief introduction to food politics. Matthew N. O. Sadiku | Tolulope J. Ashaolu | Sarhan M. Musa "Food Politics" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd20229.pdf