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Journal of Economics and Political Economy
Number of Followers: 6  

  This is an Open Access Journal Open Access journal
ISSN (Online) 2148-8347
Published by KSP Journals Homepage  [6 journals]
  • Economies of depth: Technology, market structure and vertical integration

    • Authors: Ana Paula MARTINS
      Pages: 1 - 53
      Abstract: In this paper, a formal model of technology-based vertical market structure is interacted with different environments of downstream and upstream strategic behavior. The research is innovative on four grounds: on the one hand, it explicitly establishes mathematical conditions for the assessment of vertical arrangements at the firm level, rigorously defining – as a peculiar production (in)externality - economies of depth. Secondly, it provides equilibrium and welfare comparisons of vertically integrated and non-integrated or decentralized market structures under different assumptions on the intervening productive agents competitive behaviour – final output producers, intermediate product suppliers, and primary factor owners. The exercises highlight transmission mechanisms of market power through intermediate product industries. The consequence of each particular market failure is studied independently (or in absence) of the others, considering ceteris paribus deviations of conduct relative to the competitive paradigm of each side of a transaction. Thirdly, the analysis shares a common well-defined representation of the underlying technologies, relying on duality and other production theory properties with respect to factor prices and usage – allowing for substitutability as for complementarity. Finally, the role of pre-commitment or contractual arrangements – vertical restraint clauses - is discussed in connection to the sequencing or hierarchy of the decision process. A final qualification of the effect uncertainty in upstream markets on equilibrium outcomes is suggested.Keywords. Economies of depth; Internalities; Vertical integration; Vertical mergers; Intermediation; Intra-industry trade. Economic (mechanism) design: Short and long-run reaction functions; Pre-commitment; Vertical restraints; Trade unions. Monopsony in primary factor markets.JEL. L14; L22; L42; D23; D62; D40; J50; J42.
      PubDate: 2022-04-22
      DOI: 10.1453/jepe.v9i1.2289
      Issue No: Vol. 9, No. 1 (2022)
  • Rational decisions and responses of dictatorships in authoritarian states
           with veto power

    • Authors: Takaharu ISHII
      Pages: 54 - 80
      Abstract: Using the model, this study makes eight policy recommendations for creating a new postwar deterrent world order when the warring parties are authoritarian dictatorships with veto power and nuclear powers. First, as long as the ceasefire condition is the abandonment of an independent state by a dictatorship and the retention of an independent state by an invaded state, ceasefire negotiations tend to be parallel unless a mediator is obtained; Second, since democratic states require public consent before the decision to start the war, the obstacles to the start of the war are this is greater than in dictatorships. Third, the distance between a dictatorship and a country determines the decisions of its leaders. The greater the distance, the more likely it is to provide only economic assistance. The closer a country is to the point where it feels threatened if the occupation is tolerated, the more military assistance it will provide. Fourth, when a dictatorship initiates a war of aggression, neighboring countries tend to use economic sanctions to weaken the dictatorship's ability to wage war to avoid a major-power war. Fifth, it is essential to introduce a system in which the veto power of a permanent member of the UN Security Council is suspended if it violates the UN Charter or is a war party. The sixth is the establishment of a permanent UN force that can intervene in areas of conflict by a certain level of resolution of the UN General Assembly. Register with the UN volunteer soldiers who can act in the exercise of war, so that they can be deployed early in the event of a war of aggression by a major power against a minor power. Eighth, make wartime statements by dictators and leaders of invaded countries in the media and elsewhere binding under international law.Keywords. Veto power; Dictator; Authoritarian states.JEL. F51; F52; P16; P26; P48.
      PubDate: 2022-04-22
      DOI: 10.1453/jepe.v9i1.2288
      Issue No: Vol. 9, No. 1 (2022)
  • Disregard of the empirical; optimism of the will: The abandonment of good
           government in the covid-19 crisis

    • Authors: David CAMPBELL, Kevin DOWD
      Pages: 81 - 101
      Abstract: The ‘lockdown’ policy adopted in response to an outbreak of SARS-CoV-2 has been the worst example of government failure in peacetime history. Justified by the perceived grave emergency, lockdown was based on epidemiological and medical advice at the heart of which was a Report by the Imperial College Covid-19 Response Team. This Report predicted 510,000 deaths on the basis of absurd assumptions about a zero probability event and advocated a ‘suppression’ policy the empirical possibility of implementing which was never remotely adequately assessed. But though it had consequences of a quantitatively different order to other government failures, lockdown was qualitatively merely an example of the common form of such failures. The work of assessing empirical possibility is rarely adequately addressed, and difficulties of implementation are dismissed by what will be called the ‘ceteris paribus reasoning’ which follows from, as the Report makes particularly clear, an inchoately communist belief in political will.Keywords. Covid-19 pandemic; Ronald coase; Government failure; Blackboard economics; Ceteris Paribus reasoning.JEL. F51; F52; P16; P26; P48.
      PubDate: 2022-04-22
      DOI: 10.1453/jepe.v9i1.2291
      Issue No: Vol. 9, No. 1 (2022)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
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