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Modern Monetary Theory (MMT) is a school of monetary and macroeconomic thought that focuses on the analysis of the monetary and credit system, and in particular on the question of credit creation by the state.
Modern Monetary Theory
Diese Studie widmet sich dem Zustand des Studiums der Volkswirtschaftslehre (VWL) aus der Perspektive seiner Studierenden.
„Ohne Effizienz geht es nicht“ - Ergebnisse einer qualitativ-empirischen Erhebung unter Studierenden der Volkswirtschaftslehre
What does political economy say about the global sugar production? Take a look at global trade regulations, intercountry inequalities, and the role of marketing.
Global sugar production - regulations, intercountry inequalities, and marketing
Wertfreiheit in der Theoriearbeit? Ulrich Thielemann sagt: "Das gibt's gar nicht!"
Ethik der Wirtschaftswissenschaften
Teaching the public about lobbying and its effects on financial institutions that help run the economy in which we all live and use.
Is lobbying bad for the economy?
Andreas Siemoneit zu den Möglichkeiten und Grenzen einer sozialen Utopie. „Man kann Marktwirtschaft und Kapitalismus deutlich voneinander abgrenzen und Marktwirtschaft als eine noch nicht realisierte soziale Utopie betrachten…“
Kapitalistische Wachstumszwänge mit Marktwirtschaft überwinden – Zu den Möglichkeiten und Grenzen einer sozialen Utopie
Mainstream-Wirtschaftstheorie beherrscht den wirtschaftspolitischen Diskurs sowie die wissenschaftliche und Lehrbuch-Literatur.
Modelltheoretische Grundlagen wirtschaftspolitischer Kontroversen
The novel coronavirus (Covid-19) is rapidly spreading around the world. The real economy is simultaneously hit by a supply shock and a demand shock by the spread of coronavirus. Such a twin shock is a rare phenomenon in recent economic history.
How to Manage the Economic Fallout of the Coronavirus
It is perhaps fitting that the seriousness of the coronavirus threat hit most of the Western world around the Ides of March, the traditional day of reckoning of outstanding debts in Ancient Rome. After all, problems and imbalances have accumulated in the Western capitalist system over four decades, ostensibly since it took the neoliberal road out of the 1970s crisis and kept going along it, heedless of the crises and problems it led to.
The Unexpected Reckoning: Coronavirus and Capitalism
Ungleichheit ist ein zentrales politisches und ökonomisches Thema unserer Zeit.
Ungleichheit – was nun? Einkommens- und Vermögensverteilung, und ihre wirtschaftspolitische Beeinflussung
This content submission has two parts: (1) a link to the post by Wolf Richter on deterioration of US subprime credit card debt and loans, driven in part by the overuse of hedonic quality adjustments in the Consumer Price Index (CPI) used by the US Bureau of Labor Statistics, and (2) to introduce Exploring Economics to the website Naked Capitalism, which is an effort to promote critical thinking through the medium of a finance and economics blog and fearless commentary.
What’s Behind the Subprime Consumer Loan Implosion?
Planet Money and The Indicator aim to explain current economic events in an easy, fun and accessible manner.
Planet Money
Um das Thema ganzheitlich zu betrachten, werden in diesem Dossier zuerst allegemeine Aspekte der Nachhaltigkeit thematisiert, danach ein Bogen zum Kakaoanbau gespannt und zu guter Letzt thematisch passendes Material für die Schule vorgestellt.
Welcher Zusammenhang besteht zwischen der Kakaoproduktion und dem ökologischen Fußabdruck?
Mit dem seit Ende März allseits konstatierten Beginn einer Wirtschaftskrise stellen sich vorrangig zwei Fragen: Inwieweit ist die Corona-Pandemie der Ausgangspunkt (oder gar die Ursache) dieser Krise? Und zweitens: Kann mit den beschlossenen Hilfsprogrammen eine tiefgreifende, langanhaltende Rezession verhindert werden?
Wirtschaftskrise nur wegen Corona-Pandemie?
Steve Keen analyses how mainstream economics fails when confronted with the covid-19-pandemic. Mainstream economics has propagated the dismantling of the state and the globalization of production - both of which make the crisis now so devastating. More fundamentally, mainstream economics deals with market systems, when what is needed to limit the virus’s spread is a command system.
The Coronavirus and the End of Economics
Auf dieser Seite ist eine Übersicht der FGW-Impulse für Neues Ökonomisches Denken zu finden.
FGW-Impulse für Neues Ökonomisches Denken - Übersicht
A stock-flow-fund ecological macroeconomic model
DEFINE - A stock-flow-fund ecological macroeconomic model
Peter Bofinger argues that the Modern Monetary Theory gives theoretical justification for bold answers to the corona crisis.
Coronavirus crisis: now is the hour of Modern Monetary Theory
Das Dossier stellt einen guten, leicht verständlichen Einstieg in das Thema Sharing Economy dar. Hervorzuheben ist die abwägende Betrachtung des Themas sowie die Veranschaulichung an dem konkreten Fallbeispiel Foodsharing. Abschließend wird vorgeschlagen, wie das Thema im Schulkontext aufgegriffen werden könnte.
Sharing Economy - Einführung
The core of Georgism is a policy known as the Land Value Tax (LVT), a policy which Georgists claim will solve many of society and the economy’s ills. Georgism is an interesting school of thought because it has the twin properties that (1) despite a cult following, few people in either mainstream or (non-Georgist) heterodox economics pay it much heed; (2) despite not paying it much heed, both mainstream and heterodox economists largely tend to agree with Georgists. I will focus on the potential benefits Georgists argue an LVT will bring and see if they are borne out empirically. But I will begin by giving a nod to the compelling theoretical and ethical dimensions of George’s analysis, which are impossible to ignore.
It’s the Land, Stupid!
Exploring Economics Dossier on the economic fallout of the COVID-19 pandemic and the structural crisis of globalization. COVID-19 encounters a structural crisis of globalization and the economic system that drives it, with an uncertain outcome. We asked economists worldwide to share with us their analysis of current events, long-term perspectives and political responses. The dossier will be continuously expanded.
The Next Great Recession? Exploring Economics Dossier
Marx’s theory of the falling rate of profit is not only empirically borne out, but the theory he proposed seems to describe accurately how that happens. Furthermore, the whole process is useful for understanding the history of contemporary capitalism.
On the Rate of Profit
One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system.
Minsky’s Moments
Markets are the focus in modern economics: when they work, when they don’t and what we can or can’t do about it. There are many ways to study markets and how we do so will inevitably affect our conclusions about them, including policy recommendations which can influence governments and other major organisations. Pluralism can be a vital corrective to enacting real policies based on only one perspective and a plethora of approaches provide alternatives to the canonical view. Although they have differing implications, these approaches share the idea that we should take a historical approach, analysing markets on a case-by-case basis; and they share a faith in the power of both individuals and collectives to overcome the problems encountered when organising economic activity.
Markets, How Do They Work?
In dieser vierteiligen Erklär-Artikelserie behandelt Sebastian Gerchert den Fiskalmultiplikator. Diese ökonomische Kennzahl wird seit langer Zeit kontrovers diskuttiert.
Der Fiskalmultiplikator
Environmental catastrophe looms large over politics: from the young person’s climate march to Alexandria Ocasio-Cortez’s Green New Deal, increasing amounts of political space are devoted to the issue. Central to this debate is the question of whether economic growth inevitably leads to environmental issues such as depleted finite resources and increased waste, disruption of natural cycles and ecosystems, and of course climate change. Growth is the focal point of the de-growth and zero-growth movements who charge that despite efficiency gains, increased GDP always results in increased use of energy and emissions. On the other side of the debate, advocates of continued growth (largely mainstream economists) believe that technological progress and policies can ‘decouple’ growth from emissions.
To Grow or Not to Grow?
Economic sociology is an entire subfield and one could write an series on it, so I’m going to stick to probably the most prominent economic sociologist and the founder of ‘new economic sociology’, Mark Granovetter.
Economic Sociology: the Contributions of Mark Granovetter
One method of economic modelling that has become increasingly popular in academia, government and the private sector is Agent Based Models, or ABM. These simulate the actions and interactions of thousands or even millions of people to try to understand the economy – for this reason ABM was once described to me as being “like Sim City without the graphics”. One advantage of ABM is that it is flexible, since you can choose how many agents there are (an agent just means some kind of 'economic decision maker' like a firm, consumer, worker or government); how they behave (do they use complicated or simple rules to make decisions?); as well as the environment they act in, then just run the simulation and see what happens as they interact over time.
Agents, agents everywhere
A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
Mathematical Economics in the 19th Century
In the history of the social sciences, few individuals have exerted as much influence as has Jeremy Bentham. His attempt to become “the Newton of morals” has left a marked impression upon the methodology and form of analysis that social sciences like economics and political science have chosen as modus operandi.
Bentham’s Two Sovereign Masters - Examining Bentham’s Influence on the Social Sciences
The general idea of a Job Guarantee (JG) is that the government offers employment to everybody ready, willing and able to work for a living wage in the last instance as an Employer of Last Resort. The concept tackles societal needs that are not satisfied by market forces and the systemic characteristic of unemployment in capitalist societies. Being a central part of the Modern Monetary Theory (MMT), attention for the JG concept rose in recent years.
The Job Guarantee
As the Covid-19 fueled economic downturn begins to intensify this winter, an extended study of the Italian cooperative sector’s historical resilience in times of crisis can serve as a learning experience for other countries seeking to create policies that foster more stable economies, with job security, care for marginalized communities and adequate counter-cyclical policies. Particularly, the Italian cooperative sector’s contributions to three aspects should be noted in closing. Firstly, the innovative phenomenon of cooperative enterprises has contributed to social inclusion of immigrant communities, the activation of youth, the unemployed and people with disabilities, a true compensation for both a market and state failure. Secondly, they have contributed to a reduction in income and wealth inequalities at a time when the issue of inequality is of global significance. Thirdly, the Italian cooperative movement has helped local communities revitalize in the face of demographic shifts and rendered them more resilient to the ravages of globalization. Each of these in their own right is a remarkable achievement.
How to strengthen the social economy
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