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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.
Agents, agents everywhere
This article reviews insights of existing literature on global care chains. A specific focus is laid on the impact that the refugee crisis has on global care chains and in turn how the crisis impacts the de-skilling of the women in the migrant workforce.
Global care chains, refugee crisis, and deskilling of workers
Covering Institutionalist, Post-Keynesian, Marxist, and Feminist perspectives, Heterodox Economics of Military Spending provides a comprehensive analysis of the effect of military expenditures on the economy.The impact of military spending on economic growth has always been a crucial issue for policymakers and academics. There exists an extensive body of literature on how military spending affects macroeconomic variables, including but not limited to economic growth, profit rates, income inequality, gender inequality, and employment.
Heterodox Economics of Military Spending
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
What is the fiscal multiplier and why is it so controversial?
Examine what would happen if we were to deploy blockchain technology at the sovereign level and use it to create a decentralized cashless economy. This book explains how finance and economics work today, and how the convergence of various technologies related to the financial sector can help us find solutions to problems, such as excessive debt creation, banks getting too big to fail, and shadow banking.
The Blockchain Alternative
Due to the economic crisis of 2008/2009, households faced drastic decreases in their incomes, the availability of jobs. Additionally, the structure of the labour market changed, while austerity measures and public spending cuts left households with less support and safeguards provided by the state. How have these developments affected the burden of unpaid labour and what influence did this have on gender relations?
The effect of austerity on unpaid work and gender relations in Europe
Economics for Emancipation (E4E) is a seven-module introductory curriculum with interactive and participatory workshops. It offers a deep critical dive into the current political economic system, exploration of alternative economic systems, and dynamic tools to dream and build the economy that centers care, relationship, and liberation.
Economics for Emancipation
This course will fundamentally ask whether we can, or even should use the word ‘decolonising’ in our pursuit of a better economics?
Decolonising Economics?
Mainstream economic theory has been increasingly questioned following the recent global financial crisis. Marc Lavoie shows how post-Keynesian theory can function as a coherent substitute by focusing on realistic assumptions and integrating the financial and real sides of the economy.
Post-Keynesian Economics
Debunking Economics - Revised and Expanded Edition exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking Economics was published back in 2001, the market economy seemed invincible, and conventional "neoclassical" economic theory basked in the limelight.
Debunking Economics - Revised and Expanded Edition
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
The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser.
The Oxford Handbook of Austrian Economics
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
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.
Stock Flow Consistent Macroeconomics
In this video, Clara Mattei investigates the function of austerity in relation the stabilization of capitalism as a form of social order build around private property, wage labor and class relations. In order to develop this argument, she situates austerity in the history of World War 1 and its revolutionary aftermath. Zooming in on the politicization of the economy and the associated threat to class society that emerged in the period, she highlights how austerity was a „tool of reaction“ that was successful in curtailing demands for economic democracy and a society free from class oppression.
The Capital Order - How Economists Invented Austerity & Paved the Way to Fascism
The text presents a short perspective of International Political Economy, which "have often sought to complement discussions of governance with a healthy dose of critique", on resistance against e.g. economic inequality or economic and political power.
Resistance
The core of Georgism is a policy known as the Land Value Tax (LVT), a policy which Georgists claim will solve many of society and the economy’s ills. Georgism is an interesting school of thought because it has the twin properties that (1) despite a cult following, few people in either mainstream or (non-Georgist) heterodox economics pay it much heed; (2) despite not paying it much heed, both mainstream and heterodox economists largely tend to agree with Georgists. I will focus on the potential benefits Georgists argue an LVT will bring and see if they are borne out empirically. But I will begin by giving a nod to the compelling theoretical and ethical dimensions of George’s analysis, which are impossible to ignore.
It’s the Land, Stupid!
How did Britain's economy become a bastion of inequality? In this landmark book, the author of The New Enclosure provides a forensic examination and sweeping critique of early-twenty-first-century capitalism. Brett Christophers styles this as 'rentier capitalism', in which ownership of key types of scarce assets--such as land, intellectual property, natural resources, or digital platforms--is all-important and dominated by a few unfathomably wealthy companies and individuals: rentiers.
Rentier Capitalism
The U.S. economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years.
From Financial Crisis to Stagnation
Cédric Durand locates the Russian War on Ukraine in relation to Russian Economic Development and Political Economy after the collapse of the soviet union.
Cold Peace
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis.
Rethinking the Financial Crisis
In this text, Fred Heussner takes up the debate on anti-fascist economics, places it in the context of existing developments and identifies potential for further development.
Anti-fascist economics? For sure! But what does that mean?
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
Lean Logic: A Dictionary for the Future and How to Survive It
In parallel to rising inflation numbers, the concept of profit inflation has clearly risen to prominence in recent years. But what is it exactly? This dossier aims not only to collect the most important publications on profit inflation but also intends to map out the development of the discourse and the different positions within the debate.
Profit Inflation: Mapping the debate
Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism.
Modern Political Economics
Economics is a broad and diverse discipline, but most economics textbooks only cover one way of thinking about the economy. This book provides an accessible introduction to nine different approaches to economics: from feminist to ecological and Marxist to behavioural.
Rethinking Economics - An Introduction to Pluralist Economics
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.
Finance and Crisis: Marxian, Institutionalist and Circuitist approaches
Smith contends that there is no possible solution to our global ecological crisis within the framework of any conceivable capitalism. The only alternative to market-driven planetary collapse is to transition to a largely planned, mostly publicly-owned economy based on production for need, on democratic governance and rough socio-economic equality, and on contraction and convergence between the global North and South.
Green Capitalism
Dirk Bezemer exemplary presents pattern of the U.S. economy before the 2007 economic crisis and explains how due to those pattern the crisis could have been, unless not precisely predicted, yet anticipated.
Prof Dirk Bezemer on 2007/2008 Financial Crisis
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.
Macroeconomics From the Bottom Up
How did economic growth become paramount as the public policy objective? Peter Victor discusses the role of growth within institutions, asks if it is possible to imagine a degrowth economy and discusses the role of grass-root movements.
Ecological Economics
This infographic gives a summary of the 2018 Trade Wars. This simple, compiled overview is suitable for those without a strong political or economic background.
The infographic explains briefly basic concepts related to trade and provides a short timeline of events. It furthermore checks Trump administration's arguments to launch the the trade war against facts and estimates of how the 2018 trade war can affect the global and North-American economy.
2018 Trade Wars Infographic
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