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The 2007-2010 economic crisis has profoundly shaken the foundations of mainstream financial economics. The apparent falsification of core concepts such as risk diversification, informational efficiency and valuation efficiency by an unexpected course of events has revealed the need to redefine the objectives and direction of research today.
In this teaching pack, we take a look at satellite crop monitoring and how it is used for both real and financial economic activities. By looking at commodity futures, we give students a sense of what financialization can mean. In the active exercise students learn to discuss these matters and reflect upon them.
How do Airbnb and short-term rentals affect housing and communities? Locating the origins and success of Airbnb in the conditions wrought by the 2008 financial crisis, the authors bring together a diverse body of literature and construct case studies of cities in the US, Australia and Germany to examine the struggles of local authorities to protect their housing and neighborhoods from the increasing professionalization and commercialization of Airbnb.
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.
Have you ever thought about the role of civil society and the evolution of economy in one breath? This one hour long interview of Daron Acemoğlu (MIT) and Martin Wolf (Financial Times) by Rethinking Economy NL gives you much inspiration for it.
This is a new online course at bachelor level. It presents an introduction into macroeconomics with a specific focus on the euro area. The theoretical part provides a critical presentation of the two key macroeconomic models: the (neo)classical approach and the Keynesian approach. This allows a comparative analysis of important macroeconomic topics:
unemployment
inflation
government debt and Modern Monetary Theory
banks and financial crises.
The policy-oriented part discusses the monetary policy of the ECB and the specific challenges for fiscal policy in the euro area. The course also presents other euro area specific topics: Optimum currency area, euro crises, Next Generation EU and Green New Deal.
How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone's guess. But even if the pandemic's economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front lines of the outbreak.
Institutional economics focuses on the role of social institutions in terms of laws or contracts, but also those of social norms and patterns of human behaviour that are connected to the social organisation of production, distribution and consumption in the economy.
In this essay the author reviews empirical studies in economics that analyze factors behind the rise of nationalist and populist parties in Western countries. He stresses that economic factors (e.g., trade shocks and economic crisis) play a crucial role in the rise of populist parties; however, the discussion of mechanisms driving this trend remains unsatisfying
This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism
Bei der feministischen Ökonomie geht es darum, den unbezahlten Teil der Ökonomie sichtbar zu machen und die Geschlechterblindheit von ökonomischen Prozessen aufzudecken. Entstanden ist diese Theorierichtung in den 1960er Jahren, wobei die Wurzeln bis ins 19 Jahrhundert zurück reichen. Zu Beginn setzten sich die Feministen und Feministinnen vor allem für das Erreichen des Frauenwahlrechtes, für den Zugang zur Bildung und der Abschaffung der Vernunftehe ein. Die Gleichberechtigung von Mann und Frau war in der zweiten Welle des Feminismus zu finden. Bis heute gibt es zwischen Männern und Frauen Unterschiede, welche durch den Feminismus versucht werden aufzudecken und zu beseitigen. Zum Beispiel die Care-Arbeit, den Gender-Wage-Gap, keine Berücksichtigung in ökonomischen Modellen, etc.
From the two premises that (1) economies are complex systems and (2) the accumulation of knowledge about reality is desirable, I derive the conclusion that pluralism with regard to economic research programs is a more viable position to hold than monism. To substantiate this claim an epistemological framework of how scholars study their objects of inquiry and relate their models to reality is discussed. Furthermore, it is argued that given the current institutions of our scientific system, economics self-organizes towards a state of scientific unity. Since such a state is epistemologically inferior to a state of plurality, critical intervention is desirable.
Die großen Finanzinstitutionen sind ein wichtiger Motor für den ökologischen und ökonomischen Umbau. Aber was muss passieren, damit der Finanzmarkt diese Rolle auch einnimmt?
Michael Kalecki famously remarked “I have found out what economics is; it is the science of confusing stocks with flows”. Stock-Flow Consistent (SFC) models were developed precisely to address this kind of confusion. The basic intuition of SFC models is that the economy is built up as a set of intersecting balance sheets, where transactions between entities are called flows and the value of the assets/liabilities they hold are called stocks. Wages are a flow; bank deposits are a stock, and confusing the two directly is a category error. In this edition of the pluralist showcase I will first describe the logic of SFC models – which is worth exploring in depth – before discussing empirical calibration and applications of the models. Warning that there is a little more maths in this post than usual (i.e. some), but you should be able to skip those parts and still easily get the picture.
Financial Evolution at the Speed of Thought A new evolutionary explanation of markets and investor behaviorHalf of all Americans have money in the stock market yet economists can t agree on whether investors and markets are rational and efficient as modern financial theory assumes or irrational and inefficient as behavioral …
After completing the module, participants should have gained a basic understanding of the economic school of thought referred to as "Modern Monetary Theory" and should be able to analyze the monetary processes at play in the economy and evaluate fiscal and monetary policy decisions from an MMT-perspective.
A review of:
[1] Intermediate Microeconomics, H.R. Varian
[2] Mikrooekonomie, R.S. Pindyck, D.L. Rubinfeld
[3] Grundzuege der mikrooekonomischen Theorie, J. Schumann, U. Meyer, W. Stroebele
This article explores if power dynamics in the household can be changed, and if so, how. In this context the focus is laid on government childcare policy and its various channels of possible influence.
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency.
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.
The objective of the course is to explore the main strengths and weaknesses of orthodox and heterodox paradigms within development economics.
What’s inflation? Why is it relevant? And is there an agreed theory about its roots and causes, or is it a contentious concept? That’s what this text is all about: We define what inflation actually means before we delve into the theoretical debate with an interdisciplinary and pluralist approach: What gives rise to it, what factors might influence it, and, consequently, what might be done about it?
Complexity economics focuses on interactions and interdependencies between individuals and structures in economic systems. Those are systems of organised complexity. High importance is given to the analysis of networks.
Der Fokus der Komplexitätsökonomik liegt auf den Interaktionen und Wechselwirkungen zwischen Individuen und Strukturen wirtschaftlicher Systeme. Diese werden als Systeme organisierter Komplexität aufgefasst. Ein besonderes Augenmerk liegt auf der Analyse von Netzwerken.
This text provides an easy to understand introduction to complexity economics for non-specialist audiences such as bachelor's students.
In "The Money Problem, "Morgan Ricks argues for a reform of the American monetary system. Taking up foundational questions of monetary policy, he asks: how would we construct a monetary system if we were starting from scratch? What are the characteristics of a monetary instrument?
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.
Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders?
A central question in development economics literature is, “Why do countries stay poor?” The key disagreements are whether the lack of economic growth stems from institutions or from geography (Nunn 2009). From an institutional perspective, hostile tariff regimes and commodity price dependencies form a barrier to a sectoral shift that would otherwise lead to economic development in developing countries (Blink and Dorton 2011) (Stiglitz 2006).[i]
An essay of the writing workshop on Nigeria’s Readiness for and the Effect of the Fourth Industrial Revolution
The module is designed to first present some of the main schools of thought from a historical and methodological perspective. Each week we explore and critically assess the main tenants of each school of thought. In the second part of the module we link history of economic thought and methodology to a specific and contemporary economic question. The second part allows you to engage with current economic issues with an awareness of methodology and methodological differences and with some knowledge of the history of economics.
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