Brazilian Journal of Political Economy <p><strong>The Center of Political Economy </strong>is a cultural character association that publishes, since 1981, the <em>Brazilian Journal of Political Economy /</em><em>Revista de Economia Política</em> - and conducts regular seminars and conferences on the issue of economic and social development and macroeconomic stability. <a href="">Read More</a></p> <p><strong>Brazilian Journal of Political Economy</strong> is a peer-reviewed, bilingual academic journal, published quarterly since 1981 by the Center for Political Economy through Editora 34. It is the most cited academic journal of economics in Brazil. <a href="">Read More</a></p> Center of Political Economy en-US Brazilian Journal of Political Economy 0101-3157 GREEN ECONOMY AND GREEN JOBS: <p>During the last decades the green economy has been proposed from different international organizations as an economic model for the 21st century that gravitates around respecting the environment. This paper tries to identify, with criteria of economic efficiency (high economic impact) and social efficiency (high impact on job creation, green jobs), the "potentially green sectors" that can be stimulated by a national strategy to develop a green economy in Spain. For this, we will use the Social Accounting Matrix of Spain 2010, identifying, by means of the normalized absorption and diffusion coefficients and by means of employment multipliers, the key, drivers and with greater capacity for job creation sectors from a group of twelve sectors that we have identified as "potentially green sectors".</p> Omar Chaban García Copyright (c) 41 3 Dr <p>The blockchain technology has been welcomed thus far with more skepticism than curiosity. However, major influencers in the world today such as: Elon Musk, consider the blockchain technology a groundbreaking innovation because of its numerous applications such as: cryptocurrency, data security, privacy protection and so on. The impenetrability of blockchains should not be mistaken for isolation, its economy has been known to be susceptible to both the negative and positive influence of its environment, and vice versa. A wealth of information has been dedicated to the ‘deleterious’ and ‘transformative’ influence of the blockchain technology on different industries, but limited attention is given to the influence of major events such as the COVID-19 pandemic, minor events such as: change of power and the various political events that are taking place in the word right now. In this study, the mixed method methodology was utilized in acquiring and analyzing secondary data on the impact of political events and interference on the blockchain economy (majorly the cryptocurrency world), and case studies were also explored. In the 18th century an economic theory was created by French physiocrats called the Laissez-faire theory, which basically states that government intervention in the economy is inversely proportional to economic growth. The conclusion of this investigation shows that the involvement of the government in the blockchain economy caused a decline in growth, and this proves the legitimacy of the Laissez-faire theory.</p> Amir Elalouf Copyright (c) 41 3 Dr <p>One of our era’s greatest menaces is pollution, particularly air pollution, on account of its negative impact on climate change which has greatly influenced morbidity, mortality, and has a devastating effect on health. Pollution and its impact on health is a major substratum of economic growth, because it tends to have a crippling effect on the economy of countries that has overindulged in pollution causing activities. Pollution prone countries are countries that are known to dominate the manufacture and supply of goods, services and raw materials, and countries whose growth models are based on the availability of natural resources and their products. A perfect example of these type of countries is the group called the BRICS (Brazil, Russia, India, China and South Africa). In this study, the mixed method methodology was utilized in acquiring and analyzing secondary data on the economic growth and pollution in the BRICS countries, and case studies on the impact of pollution in certain parts of these countries were explored. The result of all the investigation showed that the creation of the NDB helped to preclude the “state of dependency” described by Andre Gunther Frank in the dependency theory he postulated. However, we discovered that the high growth rate of the BRICS countries has had a negative impact on environmental quality over the years, industrialization and urbanization being the major factors influencing the growth rate</p> Amir Elalouf Copyright (c) 41 3 Produtividade, Investimento e Fluxo de capital <p>This work analyzes productivity and the hypothesis that capital flow does not influence investment in the Brazilian economy. To do so, we present a productivity equation conditioned on the rates of: investments, wage costs, and external demand. The relationship between productivity and investment and wage rates suggests a possible simultaneity, given the distributive nature of aggregate income between capital and labor. Therefore, estimators that treat endogeneity in two stages are used: the Two-Stage Least Squares (MQ2E) and the Generalized Least Moments (MMG), to increase the robustness of the results. We find that the investment rate explains productivity, but capital flow does not determine productive investment. In addition, Brazilian investment is more susceptible to the parameters of marginal capital efficiency, whose fall has affected Brazilian productivity since the 1980s</p> Marcos Tostes Lamonica Sergiany da Silva Lima Copyright (c) 41 3 On-demand centrality <p>The purpose of this article is to reflect on the territorial changes observed in view of the growing incorporation of digital technologies, within the scope of retailing and services activities, with a significant impact on the nature of urban flows, their intensity and direction. To this end, the concept of centrality, defined as an attribute that arises from the concentration of people, goods and information, was revisited and three significant moments have been identified related to the importance of centrality in urban life: the identification of centrality areas and their attributes; centrality as searched and planned vitality; and on-demand centrality.</p> Heliana Comin Vargas Copyright (c) 41 3 Keynes and Hayek: Some Common Elements in Business Cycle Theory <p><em>Keynes and Hayek are usually perceived in the history of economic thought as intellectual rivals. Although it is true that in terms of policy recommendations they have not always seen eye to eye, there are numerous theoretical elements that the two economists tend to share. In the early 1930s, following the works of Wicksell&nbsp;(1989), both explained business cycles as caused by a discrepancy between savings and investment. They considered that in the modern economy the interest rate cannot speedily adjust these two magnitudes. To a certain extent, Keynes and Hayek even agreed on the dynamic sequence of prices in a “normal” depression. </em></p> <p><em>By the time the General Theory came out, liquidity preference obscured most of the commonalities between the two economists. Although Hayek introduced liquidity preference as a short run friction in his 1941 Pure Theory of Capital, he could not accept it as a fundamental determinant of the interest rate. However, in the 1970s Hayek began to believe that “normal” Hayekian crises could further degenerate into Keynesian depressions. We argue that a selective reading of their works could lead to a general model in which Keynesian and Hayekian scenarios are specific cases of a more general theory. </em></p> Alexandru Patruti Copyright (c) 41 3 Radical Uncertainty and the Effect of Transport Infrastructure on Land Prices <p>Most contributions in the academic literature identify a positive effect of transport infrastructure on land prices. However, such models do not analyse short-run dynamics, because of using neoclassical, sometimes implicit, urban economics models. We test the short-run dynamics of spatial land price adjustments to Transmetro, a Bus Rapid Transit (BRT) project in Barranquilla (Colombia) during 2000-2010. We find volatile short-run adjustments that run counter to what predicted by neoclassical urban land economics models. In contrast, our results resemble spatial land price adjustments exposed to radical uncertainty, a concept extracted from Monetary Circuit theory applied to the urban economy.</p> Nestor Garza Copyright (c) 41 3 Philosophy of Society and New Institutional Economics: An Application of Searle’s Ideas <p>In Economics the notion of institution is not sufficiently defined, at least not in a formal way. In this paper, some elements of Searle´s foundation for the formal study of social phenomena are taken to propose a more comprehensive and formal characterization of the concept. Also, for the purposes of an intuitive understanding of the proposal’s attributes, it is tried out an application to the concept of institution in the case of New Institutional Economics, at least Williamson’s account (1975).</p> Paulo Pascuini Javier Legris Copyright (c) 41 3 Fiscal discipline in Iraq for the period (2003-2020) <p>The research aims to study the levels of financial discipline in Iraq for the period (2003-2020), by extracting the annual changes of financial variables, and the percentages of these variables from the gross domestic product. The process of controlling the elements of the general budget and its levels is of great importance in sparing the economy from economic shocks and the fluctuations of internal and external conditions, due to the excessive dependence of the Iraqi economy on the oil sector in financing the general budget for the activities of the Iraqi government, which exposes the elements of this budget to lack of financial discipline on both sides of public revenues and expenditures. General, as it will appear in the form of a deficit or a financial surplus according to the fluctuations of crude oil prices in the global markets. Therefore, the research adopted the hypothesis that "levels of financial discipline fluctuate in Iraq due to the quality and direction of oil shocks during the study period." The research relied on the deductive descriptive approach to the analysis in order to achieve the goal and hypothesis of the research.</p> amer zaya Copyright (c) 41 3 Português Português <p>The school attendance of 4-5 years-old children raised from 3.7% to 78.9% between 1970 and 2018 in Brazil. This paper analyses the preschool expansion process in Brazil in the last 50 years, documenting the preschool attendance and discussing how sociodemographic and institutional factors usually associated with the expansion are related to the process. The paper shows that female labor force participation, public investments, and demographic factors were to some extent important but not crucial to the expansion of preschool attendance in Brazil. Furthermore, the observed expansion seems to be a result of uncoordinated and unplanned policies implemented in the period.</p> Talita Silva Thais Barcellos Guilherme Hirata João Batista Araújo e Oliveira Copyright (c) 41 3