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With the onset of an economic crisis that has been universally acknowledged since the end of March, two main questions arise: To what extent is the corona pandemic the starting point (or even the cause) of this crisis? And secondly: can the aid programmes that have been adopted prevent a deep and prolonged recession? 2020 Level: leicht Economic crisis only because of the Corona pandemic? Jakob Schäfer Exploring Economics The Great Recession 2.0 is unfolding before our very eyes. It is still in its early phase. But dynamics have been set in motion that are not easily stopped, or even slowed. If the virus effect were resolved by early summer—as some politicians wishfully believe—the economic dynamics set in motion would still continue. The US and global economies have been seriously ‘wounded’ and will not recover easily or soon. Those who believe it will be a ‘V-shape’ recovery are deluding themselves. Economists among them should know better but are among the most confused. They only need to look at historical parallels to convince themselves otherwise. 2020 Level: leicht Origins & Emergence of the 2020 Great Recession in the US Economy Dr. Jack Rasmus Exploring Economics In this TedTalk Dan O Neil explains why GDP and infinite growth are concepts that we should leave behind and which other perspectives have been developed Degrowth post growth well being or steady state economy The goal is to rethink a new paradigm that puts society and the environment at … 2014 Level: leicht The Economics of Enough Dan O'Neil TedX This Blog Post describes the U.S. federal reserve money system from the perspective of the Modern Monetary Theory (MMT). Therefore it presents a theory of money creation, gives simple examples how this influences the economy and the historical process of why the monetary system of the US has developed this way. 2019 Level: leicht An Introduction in the Federal Reserve Money system J.D. ALT NewEconomicsPerspectives.org James Robinson gives in this talk a short introduction into the theory and ideas of his popular book "Why Nations Fail" which was published together with D. Acemoglu in 2012. With many real-life examples he gives a lively description on the fundamentals for economic success from an institutionalist view. According to Robinson, the nature of institutions is a crucial factor for economic success. Whether institutions are inclusive (such as in prosperous economies) or extractive (poor economies) stems from the nation's political process and the distribution of political power. 2014 Level: leicht Why Nations Fail James Robinson TEDx Talks In her short contribution, the author questions how the value of goods and services is shaped in current neoclassical teaching. She criticizes the principle of pricing based on marginal income. She discusses what can be called wealth generating, what kind of wealth we need and points out a lack of a value theory. 2018 Level: mittel Takers and Makers: Who are the Real Value Creators? Mariana Mazzucato Evonomics Global Social Theory is a large wiki-like project by Gurminder K Bhambra. Its central aim is decolonising and diversifying universities, production of knowledge, and social thought in general. It represents a large online library divided into three parts: concepts, thinkers, and topics in/of social theory and decolonial thought. Every part comprises of short, introductory articles on an according theme. It may be helpful to give you a general overview (and a list of basic readings) on the most essential areas of social theory: caste, class, and race; civil society; racism; secularism; feminism and many others. It may also allow students whose university curriculum in sociology, economics, or other social sciences lacks diversity to compensate for that. Level: leicht Global Social Theory Multiple academic authors: professors, researchers, and lecturers. globalsocialtheory.org 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. 2020 Level: leicht On the Rate of Profit Cahal Moran Rethinking Economics 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. 2020 Level: leicht Stock Flow Consistent Macroeconomics Cahal Moran Rethinking Economics One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system. 2020 Level: leicht Minsky’s Moments Cahal Moran Rethinking Economics Happiness economics is a branch in behavioral economics, where it explores the economics factors and consequences of happy humans. What makes people happier, and what benefits do we get when people are happier? This dossier introduces you to the field of happiness economics, from a review of economic factors proposed to influence people’s happiness, to a discussion of the economic consequences of happiness, and concludes with economic policy implications of happiness economics. 2020 Level: leicht Happiness Economics. Does the Easterlin paradox stand? Siyu Wang Pluralist Economics Fellowship In der Schreibwerkstatt Post-Growth Economics hat Ariane Isidorczyk ein Dossier zum Zusammenhang zwischen der Indusstriellen Revolution und dem Klimawandel verfasst und schlägt eine Lernmethode für Schüler:innen und Studierende vor, die die Simulation und das emotionale Erfassen von globalen Zusammenhängen zwischen Wirtschaft, technischer Entwicklung und dem CO2 -Ausstoß ermöglicht. #postgrowthwritingworkshop Level: leicht Wie das Wirtschaftswachstum unser Klima veränderte - Die Industrielle Revolution als Klimafeind Ariane Isidorczyk Exploring Economics The article discusses the state’s influence on innovation through financial support and provides examples how the state could receive a financial share of successful enterprises in order to keep on driving innovation in the future. 2013 Level: leicht State of innovation: Busting the private-sector myth Mariana Mazzucato https://www.newscientist.com Overview page for the collection of nobel laureateas on Exploring Economics 2020 Level: leicht Nobel memorial prize in economic sciences - A critical overview   Exploring Economics Dani Rodrik, Professor of International Political Economy at Harvard's Kennedy School of Government, is teaching in this online session about the global rules under which the modern (free trade-focused) type of globalization operates and why, under such institutions, international community fails to deal with the climate change and pandemics. 2020 Level: leicht Pandemics, Climate Change, and Global Economics: Where Did We Go Wrong in Globalization? Dani Rodrik Harvard Kennedy School The world is coping with a global disaster, as the new Coronavirus takes a toll on many lost lives and a severe impact on economic activity. To provide a long-run perspective, this column documents the international response to a variety of disasters since 1790. Based on a new comprehensive database on loans extended by governments and central banks, official (sovereign-to-sovereign) international lending is much larger than generally known. Official lending spikes in times of global turmoil, such as wars, financial crises or natural disasters. Indeed, in these periods, official capital flows have repeatedly surpassed total private capital flows in the past two centuries. Wars, in particular, were accompanied by large surges in the volume of official cross-border lending. 2020 Level: mittel Coping with disasters: Lessons from two centuries of international response Sebastian Horn, Carmen Reinhart, Christoph Trebesch VOX CEPR Policy Portal In this Ted Talk, Oxford economist Kate Raworth argues that instead of prioritizing the growth of nations, the world should rather prioritize meeting the needs of all people living on the planet within ecological limits. 2018 Level: leicht A healthy economy should be designed to thrive, not grow Kate Raworth TED In this article, the Harvard Business Review recognizes the arguments of the Degrowth vision and gives examples of businesses that have thrived following its precepts. The authors suggest three strategies that firms should put into action to be at the forefront of this movement. The article also gives a brief overview of what the degrowth is about and its main criticisms. 2020 Level: leicht Why "De-Growth" Shouldn't Scare Businesses Thomas Roulet and James Bothello Harvard Business Review Firms are the primary places where economic activity takes place in modern capitalist economies: they are where most stuff is produced; where many of us spend 40 hours a week; and where big decisions are made about how to allocate resources. Establishing how they work is hugely important because it helps us to understand patterns of production and consumption, including how firms will react to changes in economic conditions and policy. And a well-established literature – led by post-Keynesians and institutionalists – holds that the best way to determine how firms work is to…wait for it...ask firms how they work. This a clearly sensible proposition that is contested in economics for some reason, but we’ll ignore the controversy here and just explore the theory that springs from this approach. 2020 Level: leicht The ‘How Firms Work’ Approach to How Firms Work Cahal Moran Rethinking Economics 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. 2020 Level: leicht To Grow or Not to Grow? Cahal Moran Rethinking Economics Economists like to base their theories on individual decision making. Individuals, the idea goes, have their own interests and preferences, and if we don’t include these in our theory we can’t be sure how people will react to changes in their economic circumstances and policy. While there may be social influences, in an important sense the buck stops with individuals. Understanding how individuals process information to come to decisions about their health, wealth and happiness is crucial. You can count me as someone who thinks that on the whole, this is quite a sensible view. 2020 Level: leicht Decision by Sampling, or ‘Psychologists Reclaim Their Turf’ Cahal Moran Rethinking Economics Richard Werner touches on a number of topics in this Odd Lots Podcast episode. As one of the pioneers when it comes to money and credit creation, he gives interesting insights into his early research on this topic. He then explains what he calls the “Quantity Theory of Credit” and is an alternative to the "Quantity Theory of Money". 2020 Level: mittel Japanification, Quantitative Easing, money creation and Re-Igniting the U.S. Economy Richard Werner, Joe Weisenthal & Tracy Alloway Odd Lots Podcast Die internationale makrofinanzielle Architektur erlitt im März 2020 einen Schock: Nachdem globale Lieferketten geschlossen wurden, froren Offshore Geldmärkte ein. Die wichtigen Zentralbanken reagierten schnell und beliehen sich gegenseitig mit Währung. 2020 Level: leicht Zentralbankkooperation funktioniert – für manche Mathis Richtmann Dezernat Zukunft Understanding gender inequality is possible only when looking at the intersections between race and class inequalities. The health crisis is no different: Stevano takes a feminist and social reproductive perspective, from unpaid household work to social infrastructure and services. 2020 Level: leicht The Feminist Economics of Covid-19 SOAS Open Economics Forum, SOAS Economics Department, Sara Stevano SOAS University of London In this interview, the political activist, author and lecturer Dr. Vandana Shiva explains the linkage between ecology, feminism and economics along the lines of current effects and implications of the Corona-Crisis in India and around the world. 2020 Level: leicht Ecology, feminism and economics in times of Covid-19 pandemic Dr. Vandana Shiva Cusanus Hochschule für Gesellschaftsgestaltung How countries achieve long-term GDP growth is up there with the most important topics in economics. As Nobel Laureate Robert Lucas put it “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.” Ricardo Hausmann et al take a refreshing approach to this question in their Atlas of Economic Complexity. They argue a country’s growth depends on the complexity of its economy: it must have a diverse economy which produces a wide variety of products, including ones that cannot be produced much elsewhere. The Atlas goes into detail on exactly what complexity means, how it fits the data, and what this implies for development. Below I will offer a summary of their arguments, including some cool data visualisations. 2020 Level: leicht GDP Growth: It’s Complicated Cahal Moran Rethinking Economics Feminist economics is a key component of the movement for pluralism in economics and one that has, to some extent, been acknowledged by the mainstream of the profession. It seeks to highlight issues which affect women because (it claims) they have not traditionally been recognised in a field dominated by men. On top of this, it seeks to carve out a space for women in the discipline, both for intrinsic reasons of fairness and diversity and because it means that women’s issues are more likely to be highlighted going forward. 2020 Level: leicht Why Feminist Economics is Necessary Cahal Moran Rethinking Economics 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. 2020 Level: leicht Whither Central Banks? Cahal Moran Rethinking Economics In this podcast 'How Economic Theory and Policy Reinforce Racism' William Spriggs, the AFL-CIO’s chief economist, discusses the inadequacies of the pandemic economic rescue package and the influence of mainstream economic theory. He further explores how mainstream economic theory continues to fail everyone, especially Black communities, by disregarding history. 2020 Level: leicht How Economic Theory and Policy Reinforce Racism William Spriggs INET Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid. 2014 Level: mittel Finance and Crisis: Marxian, Institutionalist and Circuitist approaches Georgios Argitis, Trevor Evans, Jo Michell, Jan Toporowski Institute for International Political Economy Berlin Nathan Tankus created this series to introduce people outside of the inner financial circles of professionals, journalists and policymakers to the basic mechanisms and dynamics of monetary policy. 2020 Level: mittel Monetary Policy 101 Nathan Tankus https://nathantankus.substack.com 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. 2020 Level: leicht Agents, agents everywhere Cahal Moran Rethinking Economics

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