Suchergebnisse

AbstractConventional economic theory assumes a Walrasian pricing mechanism that is known to pose theoretical difficulties. Less well-known is that conventional price theory conflicts with empirical studies of price-setting in industrial firms. Post-Keynesian theory, which assumes mark-up pricing on normal costs and infrequent price changes, is consistent with observation, and we show in this paper that post-Keynesian pricing, unlike conventional pricing, features stable dynamics. We focus on the short run, because post-Keynesian theory posits complex and historically-contingent long-term price dynamics. Specifically, we show that under very general conditions, prices converge to a unique equilibrium price vector.

Purpose
The use of socio-economic scenarios in small island developing states (SIDS) when assessing, and planning for, the impacts of global changes on national socioeconomic and environmental systems is still in its infancy. The research conducts a cross-scale foresight scenario exercise to produce regional scenarios and national storylines for Caribbean islands that are of "partial" consistency to the shared socioeconomic pathways (SSPs) and representative concentration pathways (RCPs) and shows how future socioeconomic and climatic changes can be applied to inform natural resource management decisions.


Design/methodology/approach
To develop the scenarios, the study uses a three-staged linking process using mixed methods to "triangulate" each technique to compensate for weaknesses of one method by introducing a complementary method at each stage. A participatory-expert stepwise approach with feedback loops is used and complemented with a climate sensitive tourism water demand model.


Findings
Four regional exploratory socio-economic scenarios were constructed that are partially consistent with global scenarios. In addition, national storylines for four island states were developed based on the regional scenarios. Using RCP 4.5 hotel water demand in Barbados is estimated under three of the regional scenarios based on compatibility. The results indicate there is a 17% difference between the highest and lowest estimated water demand, indicating the effect of varying socio-economic conditions on water demand.


Originality/value
The paper contributes to the literature by presenting regional socio-economic scenarios, specifically for SIDS, that are partially consistent with both global climatic RCPs and SSPs using a cross-scale approach. The scenarios are then used to demonstrate how future socio-economic pathways impact on freshwater demand.

ABSTRACTThe urgency of the climate problem seems to require that stringent emissions reductions begin under the political economic institutions that currently exist. Any global climate treaty must, however, at least not make global inequality worse, and ideally should embody desirable principles of justice. The Greenhouse Development Rights framework (GDRs), described briefly here, is a proposal for such a fair division of the burdens of emissions reductions and adaptation to climate change that won't be avoided, based on an assessment of capacity (ability to pay) and responsibility (contribution to the problem). The GDRs considers both inequality within countries and inequality between countries: national obligations are based on the exemption of poor individuals (under a 'development threshold') from global burdens. GDRs accepts the link between 'development' and the growth in consumption of the world's poor majority, an obvious requirement if it is to be taken seriously by Southern governments intent on 'development as usual'. It also does not directly challenge the institutions of capitalism or the sovereignty of nation states. Nonetheless, in its focus on poor and rich people it is consistent with a class‐based rather than nation‐based approach to economic justice. We conclude by raising a variety of questions both about the limits of approaches like GDRs, and the need for policies that address climate change even during or after a transition beyond the current global capitalist regime.