PANIAGUA PRIETO, PABLO IGNACIO
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PANIAGUA PRIETO, PABLO IGNACIO
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ppaniagua@udd.cl
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Publication

Complex externalities: introduction to the special issue

2024 , PANIAGUA PRIETO, PABLO IGNACIO , Veeshan Rayamajhee , Ilia Murtazashvili

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Publication

Complexity defying macroeconomics

2023 , Pablo Paniagua

Abstract This article contributes to the literature on complexity and macroeconomic models by exploring the analytical relationship and tensions between complex phenomena and macroeconomics. By evaluating the properties of organised complexity, this article suggests alternative strategies for analysing the macroeconomy. Drawing on F. A. Hayek’s notion of organised complexity, I examine how its causal properties relate to the analytical criteria and assumptions that contemporary macroeconomic models use. The purpose is twofold: first, I associate the properties of complexity to the idea of the macroeconomy as an emergent totality arising from the causal interplay between individuals and the organising structure. This conceptually challenges modern macro and frames analytical tensions between complexity and macroeconomic analysis. Second, introducing complexity facilitates breaking away from current analytical and conceptual straitjackets in macroeconomics. Economic inquiry requires looking for alternative ways beyond standard models to analyse the macroeconomy as an emergent totality. This suggests stepping away from current formalistic methods and radical reductionism, in favour of unconventional strategies and approaches that are sensitive to rules, structures, and the causal properties of organised complexity.

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Marx y la paradoja de la liberación

2023 , PANIAGUA PRIETO, PABLO IGNACIO

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Governing the global fisheries commons

2024 , PANIAGUA PRIETO, PABLO IGNACIO , Veeshan Rayamajhee

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Money and the rule of Law

2022 , PANIAGUA PRIETO, PABLO IGNACIO

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Sebastián Edwards, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism. Princeton: Princeton University Press, 2023. 343 pages. USD $27.49 (hardback)

2023 , PANIAGUA PRIETO, PABLO IGNACIO

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Publication

On the nature and structure of externalities

2023 , PANIAGUA PRIETO, PABLO IGNACIO , Veeshan Rayamajhee

AbstractThis paper contributes to the literature on externalities and their classification by reconciling insights from transaction costs theory with James Buchanan’s and Elinor Ostrom’s analyses of property rights and institutional diversity. We critique the dominant Pigouvian analysis, which assumes only two forms of institutions—namely, governments and private markets—that can internalize externalities. We develop a new taxonomy of externalities that provides relevant conceptual space for a wide array of institutions that the market-versus-state dichotomy obscures. The proposed taxonomy considers two key classes of often-conflated attributes: (1) the scale of externalities, and (2) the assignability, enforceability, and tradability of property rights. This approach enriches the Coasean (transaction cost) perspective by allowing us to unbundle transaction costs in a manner that extends its applicability to nonmarket situations in which market-based transactions are either not permitted or technically infeasible. Thus, by integrating insights from two distinct Public Choice schools, we broaden the theory of externalities to not only encompass market exchanges but also to incorporate cases in which property rights are, and will remain, unclear. We conclude that institutional diversity can offer adaptable solutions to tackle medium- and large-scale externalities.

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