Irrational debt decisions at the individual level may harm collective welfare. For this reason, regulators are committed to encourage information-based behaviours in order to enhance likelihood of appropriate indebtedness. We analyse, with a diff-in-diff estimator, the Italian case offered by the Legislative Decree that reformed the consumer credit market adopting European Directive 2008/48/ec, and that reinforced the mandatory information acquisition, jointly asked to lenders and borrowers, before granting/receiving consumer credit. By using micro-data on 60.000 consumer credit borrowers, in total, randomly (...) sampled from the most relevant Italian Credit Bureau, our findings support that, in the medium term, the new consumer credit regulation has improved borrowers’ repayment ability, enhancing the quality of credit distribution. Nevertheless, a simplistic ‘better information-better behaviour’ relationship cannot be assured. This success is likely due to conjunct adaptation of behaviours, with shared responsibilities experienced on both the demand and offer side of the consumer credit marketplace. (shrink)

The links between the crisis of subprime mortgages and the so-called crisis of European sovereign debt are sometimes concealed, so as to create a veritable sense of shared guilt meant to sanction the legitimacy of the austerity policies that have been imposed by virtuous Northern European countries on the undeserving countries of Southern Europe. We will analyse three main aspects of the current crisis: we will interpret the austerity policies that today characterize the eurozone as the result of financialization; we (...) will define the state of permanent crisis as an instrument of governance characterized by specific economic policies; we will show how all this unfolds at a stage of capitalist development wherein a new constituent process begins to take shape in a fragmented but nonetheless significant manner, and how this process is reclaimed by the very subjectivities upon which the accumulation of cognitive and relational skills depends in order to reproduce itself: the Welfare of the Common. (shrink)

By treating labor like any other tradable good, orthodox economic models ignore various features that define the specificity of the labor market . Taking into account such features, as the new situation generated by the emergence of cognitive capitalism forces us to do, requires a major change in paradigm. In the new “bio-economic” paradigm, classical distinctions between production and reproduction, consumption and production, leisure and work tend to vanish, while labor increasingly appears as a common good. The most important input (...) being life itself, a just retribution of productive forces must now include a retribution for living, i.e., a universal, unconditional and guaranteed basic income. (shrink)

Résumé La théorie orthodoxe de l’économie a fait l’erreur de supposer implicitement que le marché du travail pouvait être analysé sur les bases habituelles d’un marché de biens et de services. Le travail n’est pas une marchandise puisque par nature il n’est pas solvable, et qu’il ne le devient qu’à travers la disponibilité au travail qui permet au travailleur de définir une demande solvable. En fonction du rapport entre activité de travail et être humain (degré d’aliénation), la solvabilité du travail (...) devient plus ou moins apparente et son caractère de chantage plus ou moins fort. L’analyse des caractéristiques qui aujourd’hui définissent la prestation de travail dans le cadre du capitalisme cognitif oblige à développer un nouveau paradigme théorique : celui de la bioéconomie. La distinction classique entre production et reproduction, consommation et production, temps de vie et temps de travail / production tend à perdre de sa pertinence. Dans le contexte bioéconomique, le travail devient de plus en plus un bien commun et social. Il en découle alors que la « juste rémunération » des facteurs productifs est la rémunération de la vie (autrement dit un revenu d’existence) puisque le plus important input productif est désormais la vie. Il faut marier l’analyse théorique à l’observation des réalités pour comprendre dans quelle mesure la tendance cognitive du capitalisme peut faire l’objet d’une mesure à l’intérieur des lieux de la production. (shrink)

En este trabajo analizaremos algunos aspectos de la tragedia fragmentaria de Sófocles (Laocoonte, Sinón, Los frigios) y Eurípides (Filoctetes), apropiados por Virgilio para la narración de la caída de Troya (específicamente, A. 2, 1-227). Es nuestro objetivo identificar y examinar diversos elementos intertextuales que componen los pasajes protagonizados por Laocoonte y Sinón. Intentaremos demostrar, por un lado, que el episodio del sacerdote sugiere algunas respuestas posibles a interrogantes sobre el Laocoonte de Sófocles; por otro, el intenso apego de Virgilio al (...) material fragmentario de ambos trágicos para configurar el personaje del embustero griego, Sinón. (shrink)

1. Costruzione e senso dell'attualismo.--2. Sviluppi e incidenza dell'attualismo.

We will all have sometimes cried out, while running between the bedroom and the bathroom, in the morning, as did King Peter of Georg Buechner’s Leonce und Lena: “But where is my shirt? and my trousers? Halt, few! Free will is here all open in front of me. Where are morals? Where are my cuffs? The categories are in the most scandalous confusion : two more buttons are sewn on, the snuff-box is stuck in the right pocket; my whole system (...) is in disarray.”. (shrink)