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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.
Alternative Approaches to Economic Theory Approaching the law of nature that determines all forms of economy. The bulk of economic theory addresses the economic process by setting out on a catalogue of aspects, seeking the laws in the aspects and hoping to get together a reliable view of the whole. Economic theory, methodology, and secure foundations Economics, Culture and Social Theory examines how culture has been neglected in economic theorising and considers how economics could benefit by incorporating ideas from social and cultural theory. Economics, Culture and Social Theory Modern Monetary Theory and Practice: An Introductory Text is an introductory textbook for university-level macroeconomics students. It is based on the principles of Modern Monetary Theory (MMT). Modern Monetary Theory and Practice: an Introductory Text What is game theory? Game theory is a way of thinking about strategic interactions between people, which makes it a crucial component of economics, political science, international relations, psychology and a variety of other disciplines that deal with the complexities of human interaction in decision making. An Introduction to Game Theory in Public Policy 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. Modern Monetary Theory This article is the first of a series that offers a new paradigm for economics, the “multilevel paradigm,” using generalized Darwinism as its theoretical framework. Generalized Darwinism refers to all processes that combine the ingredients of variation, selection, and replication – not just genetic evolution – making it relevant to the cultural evolution of economic systems that are embedded in political, social, and environmental systems. Rethinking the Theoretical Foundation of Economics I: The Multilevel Paradigm In diesem Beitrag diskutiert Ingo Stützle die Modern Monetary Theory (MMT) kritisch aus einer an Marx orientierten Ökonomiekritik. Dabei wird argumentiert, dass die MMT zwar wichtige Fragen aufwirft, aber weder einen adäquaten Begriff von Geld noch von Kapitalismus hat, was mitunter zu Fehlschlüssen führt. Dabei ist der wesentliche Punkt, dass die MMT auf der Basis eines falschen Verständnisses von Geld die notwendige Begrenztheit staatlicher Verfügungs- und Gestaltungsmacht im Kapitalismus nicht versteht. Eine Kritik der Modern Monetary Theory als geldtheoretisches Konzept 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. Introduction to Modern Monetary Theory Game theory is the standard quantitative tool for analyzing the interactions of multiple decision makers. Its applications extend to economics, biology, engineering and even cyber security. Game Theory I - Static Games Die Modern Monetary Theory (kurz: MMT, dt: moderne Geldtheorie) ist eine geldtheoretische und makroökonomische Denkschule, bei der es hauptsächlich um die Analyse des Geld- und Kreditsystems und insbesondere um die Frage der Kreditschöpfung geht. Modern Monetary Theory This groundbreaking collection explores the profound power of Social Reproduction Theory to deepen our understanding of everyday life under capitalism. It tackles issues such as child care, health care, education, family life and the roles of gender, race and sexuality, and shows how they are central to understanding the relationship between economic exploitation and social oppression. Including contributions by: Lise Vogel, Nancy Fraser, David McNally and Susan Ferguson. Social Reproduction Theory This book is about history of monetary economic thought. From the 18th century with Hume and Smith to the early 20th, the author explains the different schools of thought regarding the monetary theories and policies and specially the central banking theory. Monetary Theory and Policy from Hume and Smith to Wicksell A detailed introduction into dependency theory that rethinks its relevance to modern development challenges. Dependency Theory and Uneven Development Understanding international trade is central to economics and is currently a hot political issue. It’s an area where popular perceptions of mainstream economics are low, since they have historically missed some important downsides of trade agreements, especially the hollowing out of former manufacturing hubs in the Western world. et economists have for long time had a theory of trade with an impressive amount of scientific clout behind it: the gravity trade model. A Theory of Enormous Gravity This book is an original, systematic, and radical attempt at decolonizing critical theory. Drawing on linguistic concepts from 16 languages from Asia, Africa, the Arab world, and South America, the essays in the volume explore the entailments of words while discussing their conceptual implications for the humanities and the social sciences everywhere. Changing Theory Potts (economics, University of Queensland) proposes evolutionary microeconomics as a synthesis of the collective schools of heterodox economic thought with complex systems theory and graph theory. The New Evolutionary Microeconomics 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. This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as an ideal of a vague nature, which is highly dependent on societal context and, hence, subject to change over time. MMT stresses that government spending plans should be designed to pursue a certain socio-economic mandate and not to meet any particular financial outcome. The concept of public purpose is heavily used in this theoretical body of thought and often referred to in the context of policy proposals as the ideas of universal job guarantee and banking reform proposals show. MMT scholars use the concept as a pragmatic benchmark against which policies can be assessed. With regards to the definition of public propose, MMT scholars agree that it is dependent on the social-cultural context. Nevertheless, MMT scholars view universal access to material means of survival as universally applicable and in that sense as the lowest possible common denominator. Modern Monetary Theory and the public purpose 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. Hayek Meets Information Theory. And Fails A concise introduction to Marx's Labour Theory of Value, the three ratios and the falling rate of profit hypothesis. Marx's Theory of Economic Crisis