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Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
Paul Mason presents the main arguments of his book PostCapitalism. First, he argues that capitalism runs out of its capability to adapt to crises and second states that information technology challenges the capitalist system. In a nutshell, he argues that a society which fully exploits information technologies can't include concepts such as intellectual property, free market or private ownership. This has far-reaching consequences for the organisation of wages and work. The talk stops at minute 37.30.
'This Cambridge professor delights in paradox. And myth-busting . . . he does this with charm and a desire to see how things work in the real world' Guardian, 'In Praise of Ha-Joon Chang' In this revelatory book, Ha-Joon Chang destroys the biggest myths of our times and shows us the truth about how the world really works, including- there's no such thing as a free market.
Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times.
In the second video of the series Investigating International Finance, an alternative view on capital controls is given contrasting with the paradigm of classical trade theory which suggests that the removal of trade and capital barriers is associated with higher market efficiency. After explaining the conceptual mechanisms underlying capital controls, examples are introduced where countries actually apply capital controls and how these controls have been associated with a lesser exposure to international financial crises spillovers.
This video by the Khan Academy presents the difference between monetary policy and fiscal policy and how they affect aggregate demand. The video especially elaborates on the basic explanation on how expansionary monetary policy increases aggregate demand via the market for money and the AD-AS model.
In the second video of the series Investigating International Finance, an alternative view on capital controls is given contrasting with the paradigm of classical trade theory suggesting that the removal of trade and capital barriers is associated with higher market efficiency. After explaining the conceptual mechanisms underlying capital controls, examples are introduced where countries actually apply capital controls and how these controls have been associated with a lesser exposure to international financial crises spillovers.
Based on a critique on econometric and DSGE models (in particular in the context of the financial crisis), Doyne Farmer presents his current research programme that aims at building an agent-based model of the financial and economic crisis. It models heterogeneous agents and from there simulates the economy, firstly for the housing market. The interview gives a short insight in the research programme.
Lukas Zeise gives an overview of economic and financial crises in the past decades (since 80s). He explains how policies and which kinds of policy were used to mitigate the crises, but also how the emergence of the crises was influenced by these policies. Furthermore, he introduces past attempts of financial market regulation and argues why present policies have not been effective and which further regulatory measures should be implemented in order to overcome financial instability and to avoid future crises.
John K. Galbraith recounts episodes in the history of money such as the creation of the bank of Amsterdam, John Law's fraudulent Bank Royal, the inception of the Bank of England and of the Federal Reserve to illustrate concepts such as money creation by commercial banks, the bank rate, open market operations or the money supply in general. The emotions, myths and struggles surrounding money are addressed and explained in a clear and consistent manner.
In the inspiring interview on Economics of Care, Nancy Foblre takes a closer look to the consequences of the marketization of caring activities on those activities and on the societal organization of care. Folbre elaborates on how to value care and how this shifts the perspectives on living standards. She points to the fact, that caring activities are undervalued both in the market sphere and within the family and thereby questions the division between those spheres. Lastly, Folbre answers the question how to reteach Economics when accounting for caring activities.
As part of a larger series on Just Transitions, the author describes how the current corona crisis comes with new economic policy responses which would have been considered unthinkable only a year ago. Arguing that with the current high levels of confidence in politicians and scientific advice, combined with the realisation that the market has not been able to solve this problem on its own, we are now in a unique position to implement a radically different solution than was politically possible previously.
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
In this course we will critically analyze both economic theory and economic life through the lens of gender. Topics covered include: a critical examination of gender patterns and trends in the household, labor market, and the firm; issues concerning gender inequalities in the economy.
"Could a cooperative market economy, in which firms are owned and controlled by their workers, be a viable and efficient alternative to capitalism?"
The Anthropology of Development and Globalization is a collection of readings that provides an unprecedented overview of this field that ranges from the field?s classical origins to today?s debates about the ?magic? of the free market.
This reports presents empirical findings of research conducted by Michelle Holder, assistant professor of economics at John Jay College, City University of New York, with regard to the impact of what she terms a "double gap"- gender wage gap and ethnic minority wage gap - on the U.S. labour market.
Lean Logic is the late David Fleming’s masterpiece, the product of more than thirty years’ work and a testament to the creative brilliance of one of Britain’s most important intellectuals. A dictionary unlike any other, it leads readers through Fleming’s stimulating exploration of fields as diverse as culture, history, science, art, logic, ethics, myth, economics, and anthropology, being made up of four hundred and four engaging essay-entries covering topics such as Boredom, Community, Debt, Growth, Harmless Lunatics, Land, Lean Thinking, Nanotechnology, Play, Religion, Spirit, Trust, and Utopia. The threads running through every entry are Fleming’s deft and original analysis of how our present market-based economy is destroying the very foundations—ecological, economic, and cultural— on which it depends, and his core focus: a compelling, grounded vision for a cohesive society that might weather the consequences
Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework).
"The Company of Strangers: A Natural History of Economic Life" by Paul Seabright is an engaging and informative book that explores the complex relationship between economic behavior and human instincts. Seabright uses real-world examples to present complex ideas in a clear and accessible way. The author argues that the market is not only a place for exchanging goods and services but also relies on trust, cooperation, and social norms.
Jason Smith takes a stab at blind faith in the efficiency of the price mechanism to provide market information. To do so, he calls upon Information Theory and Generative Adversarial Networks to argue the price mechanism is faulty and skewed towards supply.
The present working paper is dedicated to fill a void in the degrowth literature related to the aspect of planning to achieve post-growth models of societies. The authors propose a new framework that focuses on non-market forms of planning and propose multi-level planning institutions to mediate the local level with society-wide and global institutions.
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.
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.
Florian Kern replies to Zoltan Pozsar's analysis about the effects of the war in Ukraine on the global financial order and refutes the latter's prognosis of the demise of the US dollar as the world's reserve currency
A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
Introduction Economics is by necessity a multi paradigmatic science Several theoretical structures exist side by side and each theory can never be more than a partial theory Rothschild 1999 Likening scientific work to the self coordinating invisible hand of the market Michael Polanyi cautioned strongly against centralized attempts to steer …
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.
This paper starts with an evaluation of three common arguments against pluralism in economics: (1) the claim that economics is already pluralist, (2) the argument that if there was the need for greater plurality, it would emerge on its own, and (3) the assertion that pluralism means ‘anything goes’ and is thus unscientific. Pluralist responses to all three arguments are summarized. The third argument is identified to relate to a greater challenge for pluralism: an epistemological trade-off between diversity and consensus that suggests moving from a discussion about ‘pros’ and ‘cons’ towards a discussion about the adequate degree of plurality. We instantiate the trade-off by showing how it originates from two main challenges: the need to derive adequate quality criteria for a pluralist economics, and the necessity to propose strategies that ensure the communication across different research programs. The paper concludes with some strategies to meet these challenges.
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