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This part is devoted to simulation experiments based on the simulation model developed in part I from the value theoretic reconstruction of the main parts of Marx s critique of Political Economy After introducing the main parameters and the range of their variation Section 1 a singular run as well …
A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model Part II
There was a time when the world still seemed a good and above all simple place for monetary authorities Every few weeks they had to decide whether in view of the latest price developments it would be better to raise the key interest rates by a quarter point or not …
On climate, jobs and financial stability: Towards a new mandate for central banks?
In this short video, John Holmwood problematizes Marxian Economics from a post-colonial perspective.
Marx: Colonialism, Class and Capitalism
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
Real Economic Analysis - A Theoretical and Empirical Alternative to Economic Orthodoxy
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
Decolonizing Structuralsim - Integrating Dependency and Postcoloniality
Post-Colonialisms Today researcher Chafik Ben Rouine looks to Tunisia’s post-independence central banking method to provide insight on what progressive monetary policy can look like.
Monetary Policy for Development, During and Beyond Crisis
To celebrate the forthcoming book A brief history of Economic Thought From the Mercantilists to the Post Keynesians edited by Louis Philippe Rochon and Hassan Bougrine Edward Elgar Louis Philippe Rochon sat down with celebrated author and scholar Sergio Rossi to discuss his contribution Milton Friedman and the Monetarist School …
A Video-Chat with Sergio Rossi: Milton Friedman and the Monetarist School
Photo by timJ on Unsplash Do you wish to know how to analyze and solve business and economic questions with data analysis tools Then Econometrics by Erasmus University Rotterdam is the right course for you as you learn how to translate data into models to make forecasts and to support …
Econometrics: Methods and Applications
This multimedia dossier is part of the series „Understanding Finance“ by Finance Watch and explores the following questions: What is bank capital and how is it regulated? It further presents controversies on the size of bank capital in the aftermath of the financial crisis and on how bank capital affects economic activity.
Bank capital – what is it and how is it regulated?
While many are unsatisfied with capitalism and critique it in highly sophisticated ways, there are few concrete proposals for a socialist mode of production that could replace the capitalist one. Daniel E. Saros has developed such a proposal in his book "Information Technology and Socialist Construction – The End of Capital and the Transition to Socialism" which we discuss at length over the course of two episodes.
Daniel E. Saros on Digital Socialism and the Abolition of Capital
The video presents different ways of how to measure the money supply and thereby explains the differences between M0, M1 and M2.
Money supply: M0, M1, and M2 | The monetary system
"his course introduces the complex, but critical, concepts of sustainability and resilience and examines your impact on our environment."
Sustainability, Resilience, and Society
This short video by the Khan Academy presents a classic introduction to economic teaching. Starting with the quote by Adam Smith in "The Wealth of Nations" on the invisible hand, it shows how economics deals with the question of the allocation of scarce resources and shortly presents different questions addressed by microeconomics and macroeconomics. It further makes reference to questions of simplification in mathematical models.
Introduction to economics | Supply, demand, and market equilibrium | Microeconomics
First some properties about the Sum of squared residuals and the linear regression function are restated. In particular three properties that an ideal fitted regression line must fulfill are discussed. Then, the R squared is defined using the measures of the Sum of squared residuals, the total sum of squares and the sum of explained squares.
Econometrics // Lecture 3: OLS and Goodness-Of-Fit (R-Squared)
Keen first compares neoclassical approaches to modelling with heterodox ones. Then he discusses in length the required assumptions and the inconsistencies of the aggregate demand and supply model, which is extrapolated from a micro perspective. At the end some dynamic models with feedback mechanisms are shown.
The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end
Even if men were perceived as the main protagonists of the Greek crisis, the crisis had a deep impact on disadvantaged groups, in particular migrant women working as domestic labourers. The debate presents the particular impact on migrant women of the downturn and furthermore discusses how migrant struggles and other emancipatory movements impacted the politics of crisis. The first minutes of the video are in German, but the moderator switches to English.
Invisible women? Crisis, gender and migration in Greece 2015
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.
Takers and Makers: Who are the Real Value Creators?
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.
Pandemics, Climate Change, and Global Economics: Where Did We Go Wrong in Globalization?
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.
How Economic Theory and Policy Reinforce Racism
Foreign exploitation of economic crises in the developing world has been a central claim of neoliberal critics. This important and recurring international theme is the subject of closer scrutiny in this new collection, where contributors offer competing interpretations of the interaction between international and domestic forces after crises.
Power and Politics after Financial Crises
In this article, Perry Mehrling, a professor of economics at Barnard College, presents and discusses three theories of banking which are guiding bank regulation. These are credit creation theory, fractional reserve theory and debt intermediation theory.
Central Bank theories of Banking and Money
Marxist scholar David Harvey explains key concepts of capital from Marx. Applying Marx's analysis of capital to today's world, showing both the longevity and relevance of Marx's Capital, 150 years after its publication.
Marx, Capital and the Madness of Economic Reason
An overview of the last century economic theories asking what makes a heterodox economist. This lecture focuses on the evolution of the various academic traditions in economics. Lavoie presents his own typology for categorising seminal work within the post-Keynesian tradition while leaving space to acknowledge that categories are not binary, but can be used to help understand the different traditions, and how they have developed over the last decades.
History and fundamentals of Post Keynesian Macroeconomics
This episode from Odd Lost podcast with financial analyst Zoltan Pozsar features a discussion on the potential long-term financial effects of the Ukraine-Crisis on dollar and the global currency system centered around it.
Zoltan Pozsar on Russia, Gold, and a Turning Point for the U.S. Dollar
This lecture takes a look at the consequences of COVID 19 from a feminist economics perspective Professor Kabeer analyses a range of different impacts associated with COVID 19 and explores the kinds of policies that such a feminist economics lens would suggest for a more resilient and equitable future Naila …
Gender and COVID-19: a feminist economics lens
The author discusses the various dimensions of the recent hike in inflation in the context of the United States and policy dilemmas around high inflation GDP decline and unemployment Servaas Storm Institute for New Economic Thinking
Inflation in a Time of Corona and War
From the perspective of mainstream theory the effectiveness of monetary policy in bringing down inflation depends on two very important equations the aggregate demand equation and the infamous Phillips Curve Without these it becomes more difficult or rather impossible for central banks to carry out monetary policy and obtain the …
Monetary Policy and the Phillips Curve
Isabella M Weber and Evan Wasner challange the dominant view of inflation that it is macroeconomic in origin and must always be tackled with macroeconomic tightening In contrast they argue that inflation is predominantly a sellers inflation that derives from microeconomic origins namely the ability of firms with market power …
Sellers’ Inflation, Profits and Conflict: Why can Large Firms Hike Prices in an Emergency?
Have you ever wondered why it is so difficult to follow through on new year’s resolutions, such as to exercise more or to start saving more money towards retirement? The agent that most traditional economic models are based on would not struggle to keep up these resolutions. These agents are referred to as homo economicus.
Homo Economicus: Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?
In this short essay, Jayati Ghosh gives an overview over the multiple ways in which the economic "fall-out" of the War in Ukraine is hitting economies and societies in the developing world.
Putin’s War Is Damaging the Developing World
In this article, Rob Hoveman breaks down concepts like historical materialism and materialist analysis that are pivotal to understand Marx. He argues that abstractions are necessary for a concrete analysis of society that in turn should inform political practice.
Marx and historical materialism
The authors analyse the role and effects of the US dollar as factual global reserve currency. They demonstrate that a flight into the dollar creates adverse effects for the global economy as it represents a tightening of financial conditions.
Dollar dominance and the international adjustment to global risk
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