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It has been argued that cooperative behavior in the plant-mycorrhizal mutualism resembles trade in a market economy and can be understood using economic tools. Here, we assess the validity of this \"biological market\" analogy by investigating whether a market mechanism—that is, competition between partners over the price at which they provide goods—could be the outcome of natural selection. Then, we consider the conditions under which this market mechanism is sufficient to maintain mutualistic trade. We find that: (i) as in a market, individuals are favored to divide resources among trading partners in direct relation to the relative amount of resources received, termed linear proportional discrimination; (ii) mutualistic trade is more likely to be favored when individuals are able to interact with more partners of both species, and when there is a greater relative difference between the species in their ability to directly acquire different resources; (iii) if trade is favored, then either one or both species is favored to give up acquiring one resource directly, and vice versa. We then formulate testable predictions as to how environmental changes and coevolved responses of plants and mycorrhizal fungi will influence plant fitness (crop yields) in agricultural ecosystems.

The Body Economic revises the intellectual history of nineteenth-century Britain by demonstrating that political economists and the writers who often presented themselves as their literary antagonists actually held most of their basic social assumptions in common. Catherine Gallagher demonstrates that political economists and their Romantic and early-Victorian critics jointly relocated the idea of value from the realm of transcendent spirituality to that of organic \"life,\" making human sensations--especially pleasure and pain--the sources and signs of that value. Classical political economy, this book shows, was not a mechanical ideology but a form of nineteenth-century organicism, which put the body and its feelings at the center of its theories, and neoclassical economics built itself even more self-consciously on physiological premises. The Body Economic explains how these shared views of life, death, and sensation helped shape and were modified by the two most important Victorian novelists: Charles Dickens and George Eliot. It reveals how political economists interacted crucially with the life sciences of the nineteenth century--especially with psychophysiology and anthropology--producing the intellectual world that nurtured not only George Eliot's realism but also turn-of-the-century literary modernism.

This chapter contains section titled: INTRODUCTION HEGEMONY: GROWTH, DISTRIBUTION, AND VALUE HOW ECONOMICS BECAME THE “DISMAL SCIENCE” CATALLACTIC THEORY AND POLICY: STARTING WITH TWO EXCHANGING ABSTRACT ECONOMIC MAN MATERIALISM AND SYMPATHY: THE OCCUPATIONAL STRUCTURE OF WAGES INSTITUTIONAL REFORM AND HIGHER AND LOWER PLEASURES CLASSICAL GROWTH THEORY THE POPULARIZERS: MARTINEAU ON SLAVERY TO WHAT ARE MULTIPLE EQUILIBRIA A CHALLENGE? CONCLUSION: TRAPPED IN THE STATUS QUO

We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response.

The Ricardian model predicts that countries should produce and export relatively more in industries in which they are relatively more productive. Though one of the most celebrated insights in the theory of international trade, this prediction has received little attention in the empirical literature since the mid-1960s. The main reason behind this lack of popularity is the absence of clear theoretical foundations to guide the empirical analysis. Building on the seminal work of Eaton and Kortum (2002, \"Technology, Geography, and Trade\", Econometrica, 70, 1741–1779), we offer such foundations and use them to quantify the importance of Ricardian comparative advantage. In the process, we also provide a theoretically consistent alternative to Balassa's (1965, \"An Empirical Demonstration of Classical Comparative Cost Theory\", Review of Economics and Statistics, 45, 231–238) well-known index of \"revealed comparative advantage\".

This research estimates the impact of climate on European agriculture using a continental scale Ricardian analysis. Climate, soil, geography and regional socio-economic variables are matched with farm level data from 41,030 farms across Western Europe. We demonstrate that a median quantile regression outperforms OLS given farm level data. The results suggest that European farms are slightly more sensitive to warming than American farms with impacts from + 5 to - 32 % by 2100 depending on the climate scenario. Farms in Southern Europe are predicted to be particularly sensitive, suffering losses of - 5 to - 9 % per degree Celsius.

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. Because imperfect knowledge breaks Ricardian equivalence, the scale and composition of the public debt matter for inflation. High and moderate duration debt generates wealth effects on consumption demand that impairs the intertemporal substitution channel of monetary policy: aggressive monetary policy is required to anchor inflation expectations. Counterfactual experiments conducted in an estimated model reveal that the US economy would have been substantially more volatile over the Great Inflation and Great Moderation periods if US debt levels had been those observed in Italy or Japan.

This study assesses the impact of climate change on Italian agriculture using the Ricardian approach. Through a comparative analysis of farm-level data from 2008 to 2010 and 2018–2020, we evaluate the effects of temperature and precipitation on farmland values. Although national-level marginal effects appear visually stable across the two periods, statistical tests reveal significant differences for certain seasonal precipitation effects, confirming the temporal instability of Ricardian estimates. Seasonal and regional heterogeneity remain substantial, particularly for precipitation. Future climate projections suggest potential land value losses ranging from − 6 to − 39% by 2100, depending on emission scenarios. These findings highlight the need for regularly updated impact assessments and region-specific adaptation strategies. The results are consistent with the possibility that agricultural climate sensitivity evolves over time, potentially reflecting changing environmental, institutional, or behavioral conditions.

This study examines the effects of adjustment costs on investment and the under-utilization of maximum installed capacity within the South Korea using a New Keynesian business cycle with Bayesian approach. The New Keynesian business cycle model that incorporates both investment frictions as well as capital under-utilization. The model has been calibrated specifically for South Korea economy. The model estimation uses Markov Chain Monte Carlo (MCMC) methods along with the Metropolis-Hastings algorithm to draw samples from the posterior distributions parameters of the model. The fitness of the model is rigorously validated through several tests. It includes likelihood ratio tests, out-of-sample forecasting test. Policy metrics coefficient reveals that productivity shock has immense effects on investment dynamics and capacity utilization. The research includes a thorough examination of policy response coefficients, correlations among economic variables and variance decomposition. By examining these studies, it is clear that adjustment costs have a significant impact on economic fluctuations and it becomes crucial to consider these effects in policy formulation. The model’s robustness is verified through sensitivity analysis, which involves checking the convergence and efficiency of various MCMC simulations and varying degrees of mark-up price and wage shocks. This research provides valuable insights into how adjustment costs and policy responses shape the South Korean business cycle and provides implications for economic policy and management.