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What made the false assumption that saving the economy at all cost during a pandemic so popular? This paper discusses different pathways through the COVID-19 pandemic at national and international level, and their consequences on the health of citizens and their economies.
Recovery from the Covid-19 crisis provides a chance to implement economic measures that are also beneficial from environmental and social perspectives. While ‘green’ recovery packages are crucial to support economies tracking a low-carbon transition in the short-term, green measures such as carbon pricing are also key to improving welfare in the long-term. This commentary specifies the need for carbon pricing, outlines its implications for our everyday lives, and explains how it works alongside value-based change in the context of climate action and societal well-being.
"Yuliya Yurchenko is a senior lecturer and researcher in political economy at University of Greenwich. She is currently in Ukraine on an extraordinary leave. And while she writes that she is, for the moment, in relative safety, that could change any moment. Being a Ukrainian, an activist and an academic, Yuliya traveled to Ukraine on Feb 19, 2022 as part of a fact-finding and solidarity mission with a number of MPs, trade unionists and journalists. The goal, she says, of this mission is to connect with civil society organizations, trade unions, activists and politicians, and “to express direct, cross-border solidarity from the UK working class to the Ukrainian working class.”
In March 2020, the Reserve Bank Board introduced a target for the yield on the three-year Australian Government bond which was discontinued in November 2021. This review examines the experience with the yield target and draws lessons from this experience.
Neoliberalism is dead. Again. After the election of Trump and the victory of Brexit in 2016, many diagnosed the demise of the ideology of Margaret Thatcher, Ronald Reagan, Augusto Pinochet, and the WTO. Yet the philosophy of the free market and the strong state has an uncanny capacity to survive and even thrive in crisis.
Austrian economics focuses on the economic coordination of individuals in a market economy. Austrian economics emphasises individualism, subjectivism, laissez-faire politics, uncertainty and the role of the entrepreneur, amongst others.
Marxian Political Economy focuses on the exploitation of labour by capital. The economy is not conceived as consisting of neutral transactions for exchange and cooperation, but instead as having developed historically out of asymmetric distributions of power, ideology and social conflicts.
Die Erwerbstätigen in Deutschland wollen heute weniger arbeiten als je zuvor. Laut einer Studie des Deutschen Instituts für Wirtschaftsforschung liegt die Wunscharbeitszeit bei 32,8 Stunden pro Woche. Dafür würden die Beschäftigten auch in Kauf nehmen, weniger zu verdienen. Neben diesen individuellen Gründen sprechen auch viele gesellschaftspolitische Faktoren für eine Arbeitszeitverkürzung, argumentiert Lina Andres.
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.
Debunking Economics - Revised and Expanded Edition exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking Economics was published back in 2001, the market economy seemed invincible, and conventional "neoclassical" economic theory basked in the limelight.
This thoroughly revised and updated second edition provides a comprehensive guide to Post Keynesian methodology, theory and policy prescriptions. The Companion reflects the challenges posed by the global financial crisis that began in 2008 and by the consolidation of the New Neoclassical Synthesis in macroeconomic theory.
Caring activities are one central element of feminist economists' analysis – also since in particular unremunerated work is a blind spot in mainstream economics and most other economic paradigms. Those focus on the market sphere: activities are considered as productive and as real labour if they are remunerated and market-intermediated. Goods and services are considered as labour if they create a value which can be traded on the market. Feminist Economics remarks that this perspective creates certain dichotomies and consequent devaluations: unproductive – productive; private – public; unpaid – remunerated OR paid less – well paid; female – male; soft work – hard work; caring – rationality.
In this essay the authors take a look at how welfare could be provided in a degrowth society.
An essay of the writing workshop on contemporary issues in the field of Nigerian economics: In Nigeria, it appears that there is nothing in the constitution, which excludes the participation of women in politics. Yet, when it comes to actual practice, there is extensive discrimination. The under-representation of women in political participation gained root due to the patriarchal practice inherent in our society, much of which were obvious from pre-colonial era till date.
Since the beginning of the twenty-first century, there has been an unprecedented move towards 'rethinking economics' due to the damages generated by the global financial crisis that burst in 2007-2008. Almost a decade after this crisis, policy is still unable to provide all citizens greater wellbeing or at least an encouraging economic future.
By focusing on the human side as well as the intellectual dimensions of how economists work and think, this collection of interviews with top economists of the 20th century becomes a startling and lively introduction to the modern world of macroeconomics.
The age of the contemplative economist-scholar—at home equally in classical languages, economic history, the history of ideas, and mathematical theory—has passed. The history of economics as a subdiscipline has lost touch with the mainstream study of economics. InThe Future of the History of Economics, internationally known scholars from ten countries provide a comparative assessment of the subdiscipline.
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.
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.
Despite the Doha declaration of November 2001, the failure to start a new round of global trade negotiations at Seattle in December 1999 and the hostility of protesters to the trade liberalization process and growing global economic and social disparities was a wake-up call for the World Trade Organisation (WTO).
Wege aus der Krise. Als die jüngste Weltwirtschaftskrise im Herbst 2008 ausbrach, stand der neoklassische Mainstream hilflos da, weil er keine Antwort auf eine Krise kennt.
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 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.
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.
When Santa Fe Institute Scientists first started working on economics more than thirty years ago, many of their insights, approaches, and tools were considered beyond heterodox. These once-disparaged approaches included network economics, agents of limited rationality, and institutional evolution—all topics that are now increasingly considered mainstream.
In this book, Blakely tells us a story of the class nature of capitalism, in which she centers the role of the financial sector and its rapid growth.
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.
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.
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.
This edited volume put together by Jimi Adesina based on the proceedings of the Social Policy in African Conference in 2017 provides an overview of social policy in varied country contexts and fields especially in light of decades of the reduction in size and hollowing out of the content of …
A Heterodox Approach to Economic Analysis This important new book introduces students to the fundamental ideas of heterodox economics presented in a clear and accessible way by top heterodox scholars It offers not only a critique of the dominant approach to economics but also a positive and constructive alternative Students …
The idea of a Green New Deal was launched into popular consciousness by US Congressperson Alexandria Ocasio-Cortez in 2018. Evocative of the far-reaching ambitions of its namesake, it has become a watchword in the current era of global climate crisis. But its new ubiquity brings ambiguity: what - and for whom - is the Green New Deal?
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