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Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans--predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth--and change the way we think about economics, ourselves, and our world.
Misbehaving Der Fokus der Institutionenökonomik liegt auf der Rolle von sozialen Institutionen, wie Verträgen, Gesetzen oder auch Verhaltensweisen, in der Produktion, der Verteilung und dem Konsum sowie auf den aus ihnen resultierenden sozialen Beziehungen. Institutionenökonomik 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 … Making Many Maps: Why We Need an Interested Pluralism in Economics and How to Get There What does political economy say about the global sugar production? Take a look at global trade regulations, intercountry inequalities, and the role of marketing. Global sugar production - regulations, intercountry inequalities, and marketing This episode of the Future Histories Podcast featuring Moira Weigel sets the development of digital capitalism and the right-ward shift in politics and society in relation to one another. It provides a masterful combination of ideology critique and polit-economic analysis grounded in comprehensive knowledge of the digital economy. Moira Weigel on Palantir, Tech-Nationalism & Aggression in the Life-World David Graeber introduces different concepts such as money and debt. He takes a historical and anthropological way of explaining the origin. This breaks with the mainstream explanation, which is used in many Economics textbooks, saying that a barter economy was before money arose. Debt In this essay, the author takes a critical perspective on the pursuit of growth as the solution for providing for environmental sustainability and economic stability in the countries of Central and Eastern Europe. Drawing from the framework of dependency theory and presenting brief insights into European core-periphery relations the author then argues for the implementation of an alternative strategy to development that is built around the concept of self-reliance. Dependency in Central and Eastern Europe - Self-reliance and the need to move beyond economic growth Das Paradigma der ökologischen Ökonomie (Ecological Economics) stellt einen multidisziplinärern Ansatz dar, um ein ganzheitliches Bild der wachsenden ökologischen Probleme und ihrer Verflechtungen mit der Ökonomie zu erhalten. Sie beschäftigt sich mit Ressourcenknappheit, Umweltverschmutzung, Klimawandel, Nahrungsmittelknappheit oder sozialer Ungleichheit. Hierbei werden wissenschaftliche Disziplinen wie Ökologie, Ökonomie, Physik und zunehmend auch andere Sozial- und Geisteswissenschaften (z.B. Soziologie oder Philosophie) herangezogen, mit dem Ziel, im ökonomischen Denken auch ökologische, ethische, politische, institutionelle und soziale Faktoren zu berücksichtigen. In diesem Zusammenhang werden nichtzuletzt deshalb auch wesentliche Grundannahmen der orthodoxen Ökonomie sehr kritisch betrachtet (Constanza 1989, Ayres 2008, Spash 2010). Ökologische Ökonomie 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. Pluralism in economics: its critiques and their lessons 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 The Dichotomy, Inconsistency, and Peculiar Outmodedness of the "Mainstream" Textbook 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. The Complexity of Economies and Pluralism in Economics Behavioural economics deals with observing behaviour and economic decision making behaviour. Behavioral Economics This essay suggests to bring together two aspects of economic thought which so far have developed largely separately: degrowth and feminist economics. In this strive, the concept of care work and its role in feminist economics will be introduced and the downsides of the commodification of care work will be discussed. Subsequently, contributions to the discussion on the (re)valuation of care work will be taken into account. Who cares? A convergence of feminist economics and degrowth This text provides an easy to understand introduction to complexity economics for non-specialist audiences such as bachelor's students. Think Complexity Economics is too Complicated? Then this is for you. A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics Mathematical Economics in the 19th Century Neoclassical economics focuses on the allocation of scarce resources. Economic analysis is mainly concerned with determining the efficient allocation of resources in order to increase welfare. Neoclassical Economics 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. Feministische Ökonomie How can we establish new institutions and practices in order to use fare-free public transport as a beacon for sustainable mobility and a low-carbon lifestyle? The author of this essay elaborates on how practice theory and institutional economics can help to answer this question. Towards a practice of fare-free sustainability In this essay, the principle of capital accumulation, as well as the idea of homo economicus as the basis of the growth model, are located and analyzed from a feminist perspective. The sufficiency approach is presented as an alternative to these two economic logics. Enough! The Sufficiency Approach and the Limits of Economic Growth The objective of the course is to explore the main strengths and weaknesses of orthodox and heterodox paradigms within development economics. Issues in Development Economics As seen with the United Nations significant promotion of the Sustainable Development Goals (SDGs) in the past few years, the issue of global development is of growing concern to many international organizations. As humanity continues to become more interconnected through globalization, the inequalities and injustices experienced by inhabitants of impacted countries becomes increasingly clear. While this issue can be observed in the papers of different types (e.g., different schools of thought) of economists throughout the world, the work of behavioral and complexity economists offer a unique, collaborative perspective on how to frame decisions for individuals in a way that can positively reverberate throughout society and throughout time. Behavioural vs Complexity Economics: Approaches to Development The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background. A holistic theory of financialisation In this essay the author outlines the basis for embracing a post-work agenda, rooted in an emancipatory potential from the domination of waged work, which could help answer both feminist and ecological concerns with work. Towards a post-work future: a necessary agenda to reconcile feminist & ecological concerns with work Die Evolutionäre und Institutionelle Ökonomie ist ein ökonomisches Paradigma, in welchem sozialer und ökonomischer Wandel eine zentrale Bedeutung einnehmen. In dieser heterodoxen Rolle außerhalb des wirtschaftswissenschaftlichen Mainstreams sehen einige die Evolutionsökonomie als eine Teildisziplin der Wirtschaftswissenschaften, die sich mit dynamischen Aspekten wirtschaftlichen Austausches befasst; für andere stellt sie eine Revolution wirtschaftstheoretischen Denkens dar. (vgl. Berendt/Glückler: 13 f.) Die Institutionelle Ökonomie zeigt Erklärungsansätze für wirtschaftliche Prozesse auf und betont, dass diese nicht ausschließlich durch „individuelles Rationalverhalten“ geprägt werden. Die Notwendigkeit von Institutionen wird betont, da ein individuelles, rationales Verhalten zu einer negativen Beeinflussung der Gemeinschaft führen kann und somit die Lösung über Institutionen erfolgen muss. (vgl. Nee, 2005: 49 ff) Evolutionäre und institutionelle Ökonomie On July 2020 ZOE-Institute published a unique platform for transformative policymaking: Sustainable Prosperity. Building on insights from new economic thinking the platform provides knowledge about ideas, arguments and procedures that support effective promotion of political change. It aims to strengthen change makers in public policy institutions, who are working on an ambitious green and just transition. As such, it provides convincing arguments and policy ideas to overcome the reliance of economic policy on GDP growth Sustainable Prosperity Health Economics traditionally involves two distinct strands. One focuses on the application of core neoclassical economic theories of the firm, the consumer and the market to health-seeking behaviour and other health issues. It suggests a role for government intervention only in the case of specific market failures (for example externalities, asymmetric information, moral hazard, and public goods) that distort market outcomes. The second strand is evaluation techniques, used to assess the cost effectiveness of competing health interventions. Health Economics Evolutionary economics focuses on economic change. Hence processes of change such as growth, innovation, structural and technological change, as well as economic development in general are analysed. Evolutionary economics often gives emphasis to populations and (sub-)systems. Evolutionary Economics Deforestation is estimated to be responsible for about 12-29% of global greenhouse gas emissions. This essay will explore ecological economics as an alternative lens through which to approach forest conservation and the acceleration of climate change. Ecological Economics: A Solution to Deforestation? 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? Economic crisis only because of the Corona pandemic? 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. History of Economic Thought 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. The Coronavirus and the End of Economics Due to the IMF’s focus on gender budgeting, this essay will mainly examine its gender budgeting recommendations as an example of its general inclination towards gender issues and its conception of gender equality. What does the IMF’s focus on gender equality really mean from a critical feminist perspective? What are its main objectives? What does it seek to change and to maintain? What concept or idea of women does it follow and what are the underlying theoretical foundations? The Gender strategy of the IMF: The way to go towards gender equality or a mere instrumentalisation of feminism?