Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

The current Great Recession, the worst crisis that capitalism has faced since the Great Depression, has failed, at least so far, to generate a change in the teaching and practice of Macroeconomics. This seems bizarre as if nothing has happened and the economists are just going about doing business as usual. In light of this, the current paper attempts to address how Macroeconomics ought to be taught to students at the advanced intermediate level, which gives them an overall perspective on the subject.

This brief note explores the possibility of working towards an enlarged self-definition of economics through economists’ study and appreciation of economic sociology. Common ground between economic sociology and heterodox economics is explored, and some of Richard Sennett’s ideas are used as prompts to raise some pertinent and hopefully interesting questions about economics. In particular, the note revisits the question of whether there is a possibility of changing our understanding of what kind of social scientific work falls within the domain of economics proper once we start critically engaging with work conventionally considered to be outside of that domain. In part, the note is intended to offer undergraduate students in economics – and possibly even those further down the road in their education – food for thought about what constitutes economics.

This paper surveys the development of the concept of socialism from the French Revolution to the socialist calculation debate. Karl Marx’s politics of revolutionary socialism led by an empowered proletariat nurtured by capital accumulation envisions socialism as a “top-down” system resting on political institutions, despite Marx’s keen appreciation of the long-period analysis of the organization of social production in the classical political economists. Collectivist thinking in the work of Enrico Barone and Wilfredo Pareto paved the way for the discussion of socialism purely in terms of the allocation of resources. The Soviet experiment abandoned the mixed economy model of the New Economic Policy for a political-bureaucratic administration of production only loosely connected to theoretical concepts of socialism. The socialist calculation debate reductively recast the problem of socialism as a problem of allocation of resources, leading to general equilibrium theory. Friedrich Hayek responded to the socialist calculation debate by shifting the ground of discussion from class relations to information revelation

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.

After a brief illustration of sovereign green bonds’ features, this paper describes the market evolution and identifies the main benefits and costs for sovereign issuers. The financial performance of these securities is then analysed.

Karl Marx was the greatest champion of the labor theory of value. The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible component of Marxism, and those who wish to continue the spirit of analysis begun by Marx without the labor theory of value.

This syllabus provides an overview of the content of the Philosophy and Economics course at the University of Waterloo.

Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis

The economics of worker cooperatives is a branch of economic inquiry with a long and esteemed pedigree, dating at least from the work of John Stuart Mill in the mid-nineteenth century.

Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis.

In a changing world that has been shaken by economic, social, financial, and ecological crises, it becomes increasingly clear that new approaches to economics are needed for both theoretical and empirical research; for applied economics as well as policy advice.

Dani Rodrik reflects in this book on important questions about how economics works and what might be wrong with it. He points out flaws and weakness of the discipline, but also argues that certain criticisms which have brought forward against are without merit. His central point is that there is not just one economic model, but a variety of them and it is important to apply judgment when selecting the most suitable one for a particular situation.