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751 results
UBC's Henry Siu, a professor at the Vancouver School of Economics, speaks about innovation in economics, technological progress and what it means for the fut...
Understanding technological change
In this short talk 'Measuring the Danger of Segregation' Trevon Logan, Professor of Economics at The Ohio State University, explores the impacts of structural racism on economics and health.
Measuring the Danger of Segregation
Steven G. Medema is a Research Professor at Duke University. His research focuses on the History of Economic Thought, having published extensively on the issue of social costs of production (conceptualized as externalities in neoclassical economics). In this recorded seminar, he exposes his working paper on the history of the concept of externalities in economic literature, starting from Pigou’s “The Economics of Welfare” (1920), where Pigou makes the case for governmental intervention in the market where there is a divergence between private and social costs or benefits of a productive activity. T
'Exceptional and Unimportant'? The Rise, Fall, and Rebirth of Externalities in Economic Analysis
The book provides an excellent comparative perspective on New Keynesian "New Consensus" economics and Post-Keynesian Economics at a beginner level. It also offers an interactive tool to understand how the economic models work, especially from a heterodox / pluralist perspective.
Introduction to Macroeconomics: Pluralist and Interactive
Colanders Microeconomics 11e is specifically designed to help today’s students succeed in the principles of economics course and grasp economics concepts they can apply in their daily lives
Microeconomics
"Leveraged" provides an authoritative guide to the new economics of our crisis-filled century with a focus on financial crises and financial economics.
Leveraged
Colanders Macroeconomics 11e is specifically designed to help today’s students succeed in the principles of economics course and grasp economics concepts they can apply in their daily lives.
Macroeconomics 11ed.
Renowned scholars elaborate a critique on neoclassical economics and how it was unable to predict and even favoured the financial crisis. They refer to DSGE models, equilibrium theory and rational agents – a brief insight in the critique on neoclassic economics.
Financial Instability Mini-Documentary
In order to describe the global structure of the monetary and financial system and its effects on the global economy, most economics textbooks rely on unappropriated theories that provide nothing but outdated descriptions. In this talk, key speakers in economics, economic history and banking try to make this complex system a little more understandable by relying on real-world insights.
Global Money: Past, Present, Future
As tax day approached, St. Francis College Economics Professors launched their first Economics Week with three days of guest speakers and student research. Randall Wray explains some basic principles of Modern Monetary Theory.
Modern Money Theory for Beginners
The main goal of this website is to make Economics less confusing. You can explore what the discipline of Economics is and could be. Learn about basic Economic terms and jargon.
ecnmy.org - What is the Economy?
There are three things one can do in this website - 1. Learn 2. Help Teach 3. Sign up MOOC. This is a semester-long graduate course in Econometrics. This course is intended for graduate students in economics-related fields and more generally in social sciences. The course includes an overview of the models and theory and applications using Stata, R, or SAS
programs. This econometrics class covers about 15 of the most commonly used econometric models in economics, such as linear regression, panel data models, probit and logit models, limited dependent variable models, count data models, time series models, and many more.
Econometrics Academy - Common Econometric Models & Statistical Software
The world has changed dramatically in recent years and so has the field of economics, but many introductory economics textbooks have remained stuck in the past. This book provides a new beginning for the study of macroeconomics, fundamentally international in its approach and emphasizing current debates and research trends.
Macroeconomics
Karl William Kapp (1910-1976) was one of the forefathers of Ecological Economics. Influenced namely by the Frankfurt School, Institutionalist Economics and Pragmatist Philosophy, he contributed to debates on the social costs of production, economic planning, sustainable development and epistemology. I
The Social Costs of Business Enterprise
New Tools of Economic Dynamics gives an introduction and overview of recently developed methods and tools, most of them developed outside economics, to deal with the qualitative analysis of economic dynamics. It reports the results of a three-year research project by a European and Latin American network on the intersection of economics with mathematical, statistical, and computational methods and techniques.
New Tools of Economic Dynamics
This content submission has two parts: (1) a link to the post by Wolf Richter on deterioration of US subprime credit card debt and loans, driven in part by the overuse of hedonic quality adjustments in the Consumer Price Index (CPI) used by the US Bureau of Labor Statistics, and (2) to introduce Exploring Economics to the website Naked Capitalism, which is an effort to promote critical thinking through the medium of a finance and economics blog and fearless commentary.
What’s Behind the Subprime Consumer Loan Implosion?
How do people make decisions? There is a class of models in psychology which seek to answer this question but have received scant attention in economics despite some clear empirical successes. In a previous post I discussed one of these, Decision by Sampling, and this post will look at another: the so-called Fast and Frugal heuristics pioneered by the German psychologist Gerd Gigerenzer. Here the individual seeks out sufficient information to make a reasonable decision. They are ‘fast’ because they do not require massive computational effort to make a decision so can be done in seconds, and they are ‘frugal’ because they use as little information as possible to make the decision effectively.
Bounded Rationality: the Case of ‘Fast and Frugal’ Heuristics
One hundred years ago the idea of 'the economy' didn't exist. Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed.
The Econocracy
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
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
The Political Economy of Inequalities
Markets are the focus in modern economics: when they work, when they don’t and what we can or can’t do about it. There are many ways to study markets and how we do so will inevitably affect our conclusions about them, including policy recommendations which can influence governments and other major organisations. Pluralism can be a vital corrective to enacting real policies based on only one perspective and a plethora of approaches provide alternatives to the canonical view. Although they have differing implications, these approaches share the idea that we should take a historical approach, analysing markets on a case-by-case basis; and they share a faith in the power of both individuals and collectives to overcome the problems encountered when organising economic activity.
Markets, How Do They Work?
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
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
A Time for Precaution
Firms are the primary places where economic activity takes place in modern capitalist economies: they are where most stuff is produced; where many of us spend 40 hours a week; and where big decisions are made about how to allocate resources. Establishing how they work is hugely important because it helps us to understand patterns of production and consumption, including how firms will react to changes in economic conditions and policy. And a well-established literature – led by post-Keynesians and institutionalists – holds that the best way to determine how firms work is to…wait for it...ask firms how they work. This a clearly sensible proposition that is contested in economics for some reason, but we’ll ignore the controversy here and just explore the theory that springs from this approach.
The ‘How Firms Work’ Approach to How Firms Work
How countries achieve long-term GDP growth is up there with the most important topics in economics. As Nobel Laureate Robert Lucas put it “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.” Ricardo Hausmann et al take a refreshing approach to this question in their Atlas of Economic Complexity. They argue a country’s growth depends on the complexity of its economy: it must have a diverse economy which produces a wide variety of products, including ones that cannot be produced much elsewhere. The Atlas goes into detail on exactly what complexity means, how it fits the data, and what this implies for development. Below I will offer a summary of their arguments, including some cool data visualisations.
GDP Growth: It’s Complicated
Introduces four of the most influential economists you'll never read in a modern economics class - Marx, Veblen, Keynes, and Galbraith.
Introduction to Political Economy
"Thought provoking and fresh - this book challenges how we think about economics.”
Gillian Tett, Financial Times
For further information about recent publicity events and media coverage for Rethinking Capitalism please visit http://marianamazzucato.com/rethinking-capitalism/
Western capitalism is in crisis.
Rethinking Capitalism
The Covid-19 pandemic has laid bare the deep structural rifts in modern capitalist economies. It has exposed and exacerbated the long-lasting systemic inequalities in income, wealth, healthcare, housing, and other aspects of economic success across a variety of dimensions including class, gender, race, regions, and nations. This workshop explores the causes of economic inequality in contemporary capitalist economies and its consequences for the economy and society in the post-pandemic reality, as well as what steps can be taken to alleviate economic inequality in the future. Drawing from a variety of theoretical and interdisciplinary insights, the workshop encourages you to reflect on your personal experiences of inequality and aims to challenge the way in which the issue is typically approached in economics.
Inequality in the Post-pandemic Era
The Great Recession 2.0 is unfolding before our very eyes. It is still in its early phase. But dynamics have been set in motion that are not easily stopped, or even slowed. If the virus effect were resolved by early summer—as some politicians wishfully believe—the economic dynamics set in motion would still continue. The US and global economies have been seriously ‘wounded’ and will not recover easily or soon. Those who believe it will be a ‘V-shape’ recovery are deluding themselves. Economists among them should know better but are among the most confused. They only need to look at historical parallels to convince themselves otherwise.
Origins & Emergence of the 2020 Great Recession in the US Economy
A central question in development economics literature is, “Why do countries stay poor?” The key disagreements are whether the lack of economic growth stems from institutions or from geography (Nunn 2009). From an institutional perspective, hostile tariff regimes and commodity price dependencies form a barrier to a sectoral shift that would otherwise lead to economic development in developing countries (Blink and Dorton 2011) (Stiglitz 2006).[i]
Trade Barriers to Development explored through various lenses
After completing the module, participants should be able to analyse the concepts of degrowth, ecological unequal exchange, Green New Deal, and embeddedness by applying theories situated within the fields of academic research of Ecological Economics and Political Ecology.
Political ecology, Degrowth and the Green New Deal
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
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