<abstract xmlns="http://www.w3.org/1999/xhtml"> The economic consequences of public sector oversizing have been analyzed in hundreds of scientific contributions. The empirical branch of this literature tries to measure these effects through the use of three main tools: cross-sectional analysis of countries’ samples, time-series analysis of individual economies, and panel-data analysis. Most authors conclude that the current size of the public sector is too big in their analyzed economies, thus leading to reduced output. For different reasons, however, the results of both cross-sectional and time-series analyses are open to criticism. This article aims to check the validity of the converging conclusions obtained by time-series analyses. To this end, a simultaneous-equation model is designed, which evades the critiques addressed to prior contributions. Application of this model to 24 OECD countries during the 1975-to-2007 period suggests that at least most of these have indeed let their public sector grow beyond the level that is optimum for their economic performance.</abstract>

Is There Too Much Government in Developed Countries? A Time-Series Analysis of 24 OECD-Economies

<abstract xmlns="http://www.w3.org/1999/xhtml"> Based on the World Values Surveys 2005 data, measures of different aspects of religion are constructed and tested against various measures of democracy on a cross-national level for a set of 41 countries. The analyses reveal that there are some significant inter-linkages between the involved variables; however, the religious variables act in a nonuniform manner on the explanatory ones. We conclude that both conceptual and empirical arguments support the idea of democracy viewed as a religious dependent variable.</abstract>

West University of Timisoara, Faculty of Economics and Business Administration, Blvd. Pestalozzi 16, Timisoara 300115, Romania

East European Centre for Research in Economics and Business (ECREB), West University of Timisoara, Faculty of Economics and Business Administration, Blvd. Pestalozzi 16, Timisoara 300115, Romania

Vasile Goldiş Western University of Arad, Faculty of Economic Sciences, Mihai Eminescu St. 15, Arad, Romania

Religion and Democracy

<abstract xmlns="http://www.w3.org/1999/xhtml"> Globalisation is not a state of the world but an evolutionary process, which entails the increasing planetary integration of markets for goods and services, markets of location sites for economic activities, markets of production factors as technologies and information. Regions are involved in the globalization process to a different extent depending on their industrial specialization and physical accessibility from outside.The aim of this paper is to investigate how regions most exposed to globalization face tougher competition. Distinguishing between open and closed regional economies, the paper investigates the regional performance of each type of region and identifies the most important success factors linked to growth performance patterns. The aim of the analysis is to determine whether the role played by each success factor in regional growth changes across regions with different degrees of openness to the rest of the world. Interestingly, our results do not clearly show that more open regions take advantage from particular success factors. The impact of most success factors on regional differential growth, in fact, do not change among groups of regions. A higher average regional growth rate in open regions with respect to closed ones is therefore mainly explained by the regional endowment of success factors rather than by differentiated marginal effects among groups of regions.</abstract>

Growth Patterns in Global Regions:: Do Specific Success Factors Make a Difference?

<abstract xmlns="http://www.w3.org/1999/xhtml"> We explore a short run structural macroeconomic model with a focus on “the problem of financing economic development“ (Kaleçki, 1976). It is demonstrated that banks, in contrast to nonbanks, have a unique role to play in the production and circulation of commodities in a monetary economy. A case is made for class-based policy.</abstract>

Department of Economics, University of Mumbai, Vidyanagari, Mumbai 400 098, INDIA

Business Environment Group, Indian Institute of Management Lucknow, Lucknow 226, 013- Uttar Pradesh, INDIA

A Heterodox Economics Critique of Financial Liberalization

AHEAD OF PRINT

Volume 4 (2017): Issue 2 (December 2017)

Volume 4 (2017): Issue 1 (June 2017)

Volume 3 (2016): Issue 2 (December 2016)

Volume 3 (2016): Issue 1 (June 2016)

Volume 2 (2015): Issue 2 (December 2015)

Volume 2 (2015): Issue 1 (June 2015)

Volume 1 (2014): Issue 2 (December 2014)

Volume 1 (2013): Issue 1 (December 2013)

Journal of Heterodox Economics

 Journal of Heterodox Economics is a peer-reviewed on-line journal open to high-quality theoretical and empirical papers promoting heterodox approaches to different fields of economics. It welcomes fresh ideas and critical views challenging the conventional economic wisdom.   Rejection Rate   25%   Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 