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This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
At the time of his death in 1950, Joseph Schumpeter was working on his monumantal History of Economic Analysis. Unprecedented in scope, the book was to provide a complete history of economic theory from Ancient Greece to the end of the Second World War. A major contribution to the history of ideas as well as to economics, History of Economic Analysis rapidly gained a reputation as a unique and classic work.
History of Economic Analysis
Economic theory must distinguish between publicly owned and privately owned property if it is to account for the effect of institutions on the behavior of individuals. Careful study of the theories of Marxists and the real-world experience in the Soviet economy offer important lessons and insight for economic modeling and the ongoing development of theory. In this course, Marxist/Leninist theory and Soviet reality will be studied with an open mind, and with the goal of taking lessons from the case study. To what extent was the Soviet economy an accurate expression of Marxist theory? If Marxism were tried somewhere else would the results be the same?
Economic History of the Soviet Union
This article by Rüdiger Bachmann et.al. discusses the economic effects of a potential cut-off of the German economy from Russian energy imports.
What if? The Economic Effects for Germany of a Stop of Energy Imports from Russia
With a focus on Chile, Pinochet’s Economic Accomplices: An Unequal Country byForce uses theoretical arguments and empirical studies to argue that focusing onthe behavior of economic actors of the dictatorship is crucial to achieve basic objectivesin terms of justice, memory, reparation, and non-repetition measures.
Pinochet's Economic Accomplices
This book offers the first systematic analysis of economic thought concerning war.
War in Economic Theories over Time
The 2007-2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline.
Alternative Approaches to Economic Theory
"Why information grows" by Cesar Hidalgo and the atlas of economic complexity. César visits the RSA to present a new view of the relationship between the individual and collective knowledge, linking information theory, economics and biology...
Why information grows and the atlas of economic complexity.
Overview page for the collection of nobel laureateas on Exploring Economics
Nobel memorial prize in economic sciences - A critical overview
This is an important contribution both to advancing theoretical and empirical understandings of African monetary sovereignty and to putting problems and possibilities relating to African monetary sovereignty on the political agenda This is of utmost importance given that these issues have largely not received much attention in contemporary discussions of …
Economic and Monetary Sovereignty in 21st Century Africa
Steven G. Medema is a Research Professor at Duke University. His research focuses on the History of Economic Thought, having published extensively on the issue of social costs of production (conceptualized as externalities in neoclassical economics). In this recorded seminar, he exposes his working paper on the history of the concept of externalities in economic literature, starting from Pigou’s “The Economics of Welfare” (1920), where Pigou makes the case for governmental intervention in the market where there is a divergence between private and social costs or benefits of a productive activity. T
'Exceptional and Unimportant'? The Rise, Fall, and Rebirth of Externalities in Economic Analysis
New Tools of Economic Dynamics gives an introduction and overview of recently developed methods and tools, most of them developed outside economics, to deal with the qualitative analysis of economic dynamics. It reports the results of a three-year research project by a European and Latin American network on the intersection of economics with mathematical, statistical, and computational methods and techniques.
New Tools of Economic Dynamics
The Atlas of Economic Complexity is an award-winning data visualization tool that allows people to explore global trade flows across markets, track these dynamics over time and discover new growth opportunities for every country.
Atlas of Economic Complexity
In this talk, Eric Beinhocker outlines his ideas of how to ensure a just and sustainable future for Humanity: This includes his interesting Russian Doll approach to unpacking 20th-century economics and proposals of new theories to underpin a new economic system.
Economic Transition in the Anthropocene
The gender pay gap is a pressing issue that affects individuals and society as a whole, so it is important for economics students to understand it. Despite recent progress, women still earn less than men for the same jobs, leading to economic inequalities and reduced efficiency (see, for example, the recent report released by Moody’s). Understanding the causes and consequences of the gender pay gap is critical in developing policies that promote fairness and equality.
The Gender Pay Gap: Understanding the Economic and Social Causes and Consequences
This innovative book offers targeted strategies for effectively and efficiently teaching economics at both undergraduate and postgraduate levels. It provides professors and other teachers of economics various techniques to engage and retain the interest of students, and challenges them to apply both knowledge and methodological tools to a range of economic problems.
New Developments in Economic Education
The background for the present elaboration is twofold firstly the ongoing debate about whether the Marxian theory of value has been damaged or even destroyed by the alleged impossibility of solving the transformation problem and secondly the fact that almost all of the later economic manuscripts of Marx are now …
A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model
In economics the dominant framework for exploring the structure of market economies is provided by the neoclassical school of thought. This text aims to show how neoclassical theory is used to model market mechanisms, both in particular markets and in the market economy as a whole.
Microeconomics - Neoclassical and Institutionalist Perspectives on Economic Behaviour
Study of the German Council of Economic Experts on the potential economic effects of a comprehensive energy embargo against Russia
A potential sudden stop of energy imports from Russia: Effects on energy security and economic output in Germany and the EU
The website contains a vast amount of information on the history of economic thought. It presents thinkers, their main works (and links to those works) and schools of thought which are sorted by political economy schools, neoclassical schools, alternative schools as well as thematic schools.
The history of economic thought website
Have you ever wondered why it is so difficult to follow through on new year’s resolutions, such as to exercise more or to start saving more money towards retirement? The agent that most traditional economic models are based on would not struggle to keep up these resolutions. These agents are referred to as homo economicus.
Homo Economicus: Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?
The COVID-19 pandemic has had far-reaching implications across the African continent. This discussion brings to light the role of African think tanks, such as the African Center for Economic Transformation (ACET) in rethinking the continent’s development models, especially, in light of the unprecedented crisis.
Growth with 'DEPTH' should guide economic transformation in Africa
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Impact of FDI on economic growth: The role of country income levels and institutional strength
This lecture by Economy Studies lays out the foundations and current state of the ecological crisis, its main drivers and who is responsible for this. It is crucial for students to develop a deeper understanding of the problem they are likely to encounter in their future careers, before getting into various economic policies or solutions to this pressing issue.
Economic Introduction to the Ecological Crisis - Economy Studies
Edited by two of the foremost academics in the field, the volumes comprise insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these reference books an invaluable source of knowledge for all serious students and scholars of the history of economic thought.
Handbook on the History of Economic Analysis, Volume 1: Great Economists since Petty and Boisguilbert
The new edition of this classroom classic retains the organizing theme of the original text, presenting the development of thought within the context of economic history.
History of Economic Thought
This course provides a simple introduction to problems that social scientists are working on (e.g. racial disparities, inequality and climate change) in a manner that does not require any prior background in Economics or Statistics.
Using Big Data to Solve Economic and Social Problems
Looking for a pithy introduction into John Maynard Keynes's economic thinking? This BBC radio programme may be it.
Keynesianism: The Story Behind This Key Economic Theory
In this episode of Jacobin radio, James K. Galbraith elaborates on the economic policies for the corona crisis, and Aaron Benanav on the crisis of unemployment. James K Galbraith also discusses why the economy as currently organized has been unable to deal with the challenges of the pandemic.
Jacobin Radio: economic policies for the corona crisis
In this interview Mariana Mazzucato talks about economic actions governments need to take facing the Corona-crisis. Using the example of Britain, she argues that governmental bailouts need to be bound to commitment to sustainability.
Mariana Mazzucato on New Economic Approaches
Yao Graham, coordinator of Third World Network- Africa, reflects on lessons learned from past Economic Partnership Agreements (EPAs), specifically as they relate to the Post-Cotonou Agreement.
Lessons From Economic Partnership Agreements to the Post- Cotonou Framework
This article makes a necessary connection between economics as an academic discipline and recent events surrounding sexual harassment in the workplace. To get justice, targets must show measurable harm: economists can help.
$MeToo: The Economic Cost of Sexual Harassment
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