‘The good economy’: a conceptual and empirical move for investigating how economies and versions of the good are entangled

Across Europe and the OECD, the bioeconomy is promoted as that which will succeed the carbon economy: an economy based in ‘the bio’ that will be innovative, sustainable, responsible and environmentally friendly. Yet how to critically approach an economy justified not only by its accumulative potentials but also its ability to do and be good? This paper suggests the concept of ‘the good economy’ as an analytical tool for investigating how economic practice is entangled in versions of the good. Building upon the classic contributions of Weber, Thompson and Foucault in combination with valuation studies, this paper shows how the good economy concept can be employed to examine how the economic and the good are intertwined. Empirically, the paper teases out how what is made to be good in the bioeconomy is radically different than in economies of the recent past. While ‘the good economy’ of the early oil and aquaculture economy concerned how to insert this economy into society in a good manner, society is surprisingly absent in the contemporary bioeconomy. The bioeconomy is enacted as an expert issue, pursued by the tools of economic valuation, and based in the unquestioned idea that ‘the bio’ makes any economy good.

Matching in the Kolm triangle: interiority and participation constraints of matching equilibria

PurposeIn this paper we show how the Kolm triangle method, which is a standard tool for visualizing allocations in a public good economy, can also be used to provide a diagrammatical exposition of matching mechanisms and their effects on public good supply and welfare. In particular, we describe, on the one hand, for which income distributions interior matching equilibria result, and on the other hand, for which income distributions the agents voluntarily participate in a matching mechanism. As a novel result, we especially show that the “participation zone” is larger than the “interiority zone”Design/methodology/approachWe employ the Kolm triangle approach, which has – compared to most other graphical methods for representing allocations in a public good economy – the advantage that it allows for showing the aggregate budget constraint, the levels of considered agents' private consumption, and the level of public good supply directly in the same diagram.FindingsThe Kolm triangle method can be used to visualize important effects of matching in an elegant way, so basically the increase of public good supply through matching. The interiority of matching depends on the income distribution and especially, on how the “interiority zone” is shrinking when the matching rate increases. Moreover, we were able to delimit the “participation zone” in the Kolm triangle. An important and novel insight is that the participation zone is larger than the interiority zone, which means that also corner matching equilibria in which only one agent makes a positive flat contribution to the public good may make both considered agents better off.Research limitations/implicationsCorner matching equilibria in which only one agent makes a positive flat contribution to the public good may improve all considered agents' welfare. How this welfare effect can be generalized to the case of different utility functions and matching rates will be an issue of future research.Practical implicationsThe examined matching mechanism finds application in many policy fields where public good undersupply is pending. International climate policy is one of these fields of application, for example.Originality/valueThe Kolm triangle method has been particularly helpful to describe the Nash equilibrium in the case of non-cooperative public good provision and to compare this outcome with Pareto efficient public good allocations. Furthermore, the Kolm triangle approach facilitates the analysis of mechanisms for attaining an efficient public good allocation like the Lindahl equilibrium as well as the study of preconditions and limitations faced by such mechanisms. An important and novel insight of our study is that the participation zone is larger than the interiority zone.

LEGAL RESTRICTIONS DUE TO CORONAVIRUS AND RIGHT TO RELIGIOUS FREEDOM

The current pandemic has created new scenarios and problems regarding religious freedom. To combat the spread of the coronavirus, governments have ordered social distance and total closure of numerous activities including the celebration of sacred rites without consulting religious authorities. Religions have accepted the restrictions with a sense of responsibility, but the sacrifice of religious freedom for the faithful has been great. In addition, the effects of the pandemic together with the negative effects of globalization will continue over time, generating economic and social damage. In addition to prayer, religions have invited the faithful to a social commitment to reduce the critical issues of the crisis and specially to combat poverty. It is therefore necessary to analyze some topics: critical issues relating to the limitation of the right to religious freedom; what problems arise in the relations between powers (civil and religious); what problems arise in relations between state and religions; how the constitutional rights of the faithful and citizens are protected; what are the legal problems internal to the different religions, considering that the judgment on the validity of online rites is different; what is the role of religions in the face of the economic crisis. For the first time since the beginning of the human rights era, there has been a serious conflict between human rights, especially for the greater protection given to the right to health. The right to religious freedom also suffered, but it must be considered that the protection of the right to religious freedom also contributes to the recovery of a „good” economy, which can counteract the negative effects of the pandemic and globalization. We must build a personalist humanism, which the alliance between religions can promote. A humanism that respects the rights and dignity of man, against the logic of profit, and that rewrites the ethical rules of the economy. Looking at the post-pandemic, religions can be the soul of the ethical and moral rules that must guide the „good economy” in society to overcome social and economic differences.

A vital people: A necessity for a good economy

Economics at its core is about human life in human economies. The difficulty is that economies have continued to evolve and economics has lagged behind. Modern life invaded societies in the 19th century: first in Britain and America, later in Germany and France. Increasing numbers were driven not just by a work ethic or a desire to accumulate: They were dreamers, tinkerers, and adventurers on a journey, exercising their imagination, creativity, and curiosity. This indigenous innovation, coming from the grassroots up, was the foundation of modern life which brought people satisfactions that went beyond material rewards. It is time economics has caught up to restore the dynamism and vitality necessary for people to enjoy not only a Good Life but also a Good Economy.

Why did the ‘recovery’ fail to return the government?

This chapter seeks to explain a significant puzzle of the 2016 election. There is now a very extensive literature linking economic performance with the electoral performance of government parties, with the relationship being a positive one. The 2016 election was an unusual illustration of a government being punished despite being able to point to a record of very significant economic growth and rapidly falling unemployment as Ireland’s recovery from the economic crash and bailout made it such a good example of the success of ‘austerity’ policies. Drawing on many studies that argue for certain contingencies in the relationship, this chapter explores a number of ways in which the good economy-government returned to office relationship went wrong. A key finding, contrary to general tendencies in the literature on economic voting, is that ‘pocketbook’ considerations were very significant in determining how voters felt about the government parties. The chapter offers some reasons why the Irish case is unusual and also questions the theoretical bases on which ‘pocketbook’ voting is downplayed in the economic voting literature.

Does industrial policy need theoretical justifications?

Basing on the analysis of discussions around industrial policy definitions and justifications, the paper suggests a new conception of industrial policy: it is an assemblage of government’s intentions to make up good economy and tools to effectuate the intentions. The variety of the meanings of the term “good economy” and cognitive patterns that can influence the understanding adopted by government are analyzed. The results of recent positive researches which revealed some economies’ structural features that promote economic resilience and competitiveness are summarized. It is shown that the achievement of these structural features can contradict some governments’ political goals.