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Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
What's wrong with the money multiplier? - Banking 101 (Part 2 of 6)
What is sustainable development and what is the idea of a green economy? What is the role of the green economy in the current triple crisis? The short video discusses the concept and in particular the concerns about a green economy, especially with regards to inequality and poverty. The short statements in the video also reflect other possibilities of transformation.
Green Economy and Sustainable Development: Bringing Back the Social
Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders?
Capitalism & Boundaries
The short clip gives a basic introduction to the concept of the market equilibrium and its graphical representation: taking the example of a market for apples, it presents supply and demand curves as well as scenarios how prices and quantities adapt, leading to an equilibrium.
Market equilibrium | Supply, demand, and market equilibrium | Microeconomics |
In the second video of the series Investigating International Finance, an alternative view on capital controls is given contrasting with the paradigm of classical trade theory suggesting that the removal of trade and capital barriers is associated with higher market efficiency. After explaining the conceptual mechanisms underlying capital controls, examples are introduced where countries actually apply capital controls and how these controls have been associated with a lesser exposure to international financial crises spillovers.
Capital controls - Investigating International Finance, Episode 2
David Harvey illustrates the five most common narratives on why the financial and economic crisis took place – from human frailty to policy failure.
RSA ANIMATE: Crises of Capitalism
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)
How do we get our dinner? And who cooked Adam Smith's dinner? Starting with Smith's answer on the origin of a dinner, Katrine Marçal problematizes and illustrates how unpaid labour was and is still being ignored by economic theory and how the homo economics represents characteristics perceived as male.
How Economics Forgot about Women
Usually, Critical Theory and Economics are, for better or worse, no longer seen to be in a continuum. This article by Lukas Meisner serves as an introduction to Critical Theory for all (heterodox) economists, who want to understand and explain what they can, otherwise, just state and describe.
Critical Theory for Heterodox Economists: Questioning the Premises of Supply and Demand
Mounting evidence suggests a lot of published research is false. Check out Audible: http://bit.ly/AudibleVe Support Veritasium on Patreon: http://bit.ly/VePa...
Is Most Published Research Wrong?
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
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
How much money can banks create - Banking 101 (Part 4 of 6)
In this Ted Talk, Mariana Mazzucato argues against the juxtaposition of the state and entrepreneurial activities. By presenting examples of her research on the relation between innovation and (inclusive) growth, she shows how many innovations were led by states' initiatives. Mazzucato confronts the liberal narrative of the a state that merely provides the frame for the market.
Government - investor, risk-taker, innovator
This dossier gives an overview of the functions and the nature of money. The concept of Islamic finance is briefly explored, too.
The Nature of Money
Galbraith gives an overview of economic history from the 18th century until the end of the 19th century covering issues such as the industrial revolution the enclosure of the Scottish highlands the Irish famine and the colonization of North America Additionally the ideas of economists such as Smith Ricardo Malthus …
The Age of Uncertainty Episode 1 - The Prophets and Promise of Classical Capitalism
This is an introductory lecture to Stock Flow Consistent SFC modelling Antoine Godin presents this family of macroeconomic models which is based on a rigorous accounting framework and guarantees a correct and comprehensive integration of all the flows and the stocks of an economy SFC models focus especially on interactions …
Post Keynesian Stock-Flow consistent Modelling
What is money and how is it used? After answering these questions, Dirk Bezemer analyses how finance can be dysfunctional for the real economy.
When is Finance Bloated and Dysfunctional?
In the interview, Robert Skidelsky discusses the emergence of political influence of a certain school of economic thought and how the success of an economic theory depends on the power relations in the society. He introduces the historical example of Keynesian economics and its replacement by liberal economic theory and policy in the aftermath of the Great Depression, and transfers this historical case to the dominant paradigm of austerity policies in the Europe as response to rising public debts caused by the Financial Crisis. He contrasts austerity policies with a Keynesian approach. Furthermore, he relates the targets of policy to the underlying power structures, for example when not the reduction of unemployment but the protection of financial capital is politically addressed.
Economics and Political Power during the Crisis
Silvia Federici illustrates the potential of the concept of the commons as way of resistance and reorganization of the society in times of social injustice and ecological crisis. Amongst others, she outlines the role of women in the commons movement.
Federici explains why she regards the theory of the tragedy of the commons as unfounded and why she considers Marx's concept of primitive accumulation as still appropriate to describe current events of deprivation, such as land grabbing.
The Struggle for the Commons
First some terminology is explained. Then the interpretations of the coefficients and constants of the function are discussed. Afterwards the zero conditional mean assumption regarding the residual is problematized. Lastly, a graphical representation of a regression line is given and the least sum of squared errors is introduced and the equation for the coefficient of the linear function as well as for the intercept is given.
Econometrics // Lecture 2: "Simple Linear Regression" (SLR)
Esther Duflo discusses the fact that in social policy one cannot check the big questions, i.e. whether development assistance as an aggregate is helpful, because there is no counterfactual. She then suggests to focus on smaller questions such as what prevents or incentiveses people from immunizing their kids or whether mosquito bednets should be distributed for free. These questions can be answered by using randomized control trials as in the medical sciences. Thus, she argues, by bringing the experimental method to social policy analysis better decisions as to where allocate funds can be made.
Social experiments to fight poverty
How the brain works, how we learn, and why we sometimes make stupid mistakes.
The Science of Thinking
What is universal basic income? This video gives a first, short introduction.
What is Universal Basic Income?
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
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes:
Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments).
Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate.
Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement.
Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market.
Part 5) Explores the question if banks create money or just credit and especially refers to credit risks.
Part 6) Explains how money gets destroyed when loans are paid back.
Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
How is money really made by banks? - Banking 101 (Part 3 of 6)
In this short talk „On Economics“ Ha-Joon Chang, author of the book „Economics: The User's Guide“, gives a critical wrap-up on the economic discipline – on what is perceived as economics, what are dominant paradigms, the role of numbers and economics in public life. He further elaborates on the importance of heterodox schools of thought.
Ha-Joon Chang on Economics
In the keynote speech, Sigrid Stagl argues why it is necessary to include socio-ecological aspects in macoreconomic models. The talk focuses on the ecological necessities, mentioning limits to growth, resource extraction and planetary boundaries. At the end, Stagl shortly presents several current macroeconomic initiatives and models that move towards a a socio-ecological macroeconomics.
Towards a socio-ecological macroeconomics
In this radio interview, Andrew Sayer first outlines some features of neoliberalism and policies that are associated with it. Then a difference between wealth creation via investment and wealth extraction by means of lending money to those deprived of it or by acquiring property such as real estate or financial assets on the secondary market as absentee owner is established. In this context reference is made to J.A. Hobson's concept of "improperty." Finally, there are some words on the power dynamics associated with capitalism and its relation to climate change.
Why We Can’t Afford the Rich
How has financialisation changed saving What are its implications on a macro economic level and from a welfare state perspective Craig Berry I PEEL
Saving
an interactive guide to the game theory of why & how we trust each other
The Evolution of Trust
This essay deals with the concepts of Sustainable Land Management (SLM) and Land Degradation Neutrality (LDN).
The importance of a Land Degradation Neutrality approach to achieving Sustainable Land Management
The author identifies three principal economic phenomena, which are explained: long run productivity growth as the central driver of increasing economic activity, short-term and long-term debt cycles. The latter two are explained to some detailed with reference to money creation, central banking and long term crisis tendencies. With regards to the long run debt cycle, which leads into deleveraging and recession, some policy measures which can smoothen the crisis are discussed.
How The Economic Machine Works
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