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969 results
The novel coronavirus (Covid-19) is rapidly spreading around the world. The real economy is simultaneously hit by a supply shock and a demand shock by the spread of coronavirus. Such a twin shock is a rare phenomenon in recent economic history.
How to Manage the Economic Fallout of the Coronavirus
This course introduces students to political economy and the history of economic thought. We will cover the core ideas in various schools of economic thought, positioning them in the historical and institutional context in which they were developed. In particular, we will cover some economic ideas from the ancient world and the middle ages; the enlightenment; the emergence of and main ideas in classical political economy (Adam Smith, David Ricardo, Thomas Malthus, and others); Marx, Mill, and Keynes; European versus American economic thought through history; the rise of mathematical economics; economic theories around state-managed economies versus socialism; Austrian economics; behavioral economics; and the future of economics.
Political Economy and the History of Economic Thought
As opposed to the conventional over-simplified assumption of self-interested individuals, strong evidence points towards the presence of heterogeneous other-regarding preferences in agents. Incorporating social preferences – specifically, trust and reciprocity - and recognizing the non-constancy of these preferences across individuals can help models better represent the reality.
A fresh perspective to economic theory: Social preferences and their impact on gender and policy
With the onset of an economic crisis that has been universally acknowledged since the end of March, two main questions arise: To what extent is the corona pandemic the starting point (or even the cause) of this crisis? And secondly: can the aid programmes that have been adopted prevent a deep and prolonged recession?
Economic crisis only because of the Corona pandemic?
The course will teach students to analyze the goals, implementation, and outcomes of economic policy.
Advanced Economic Policy
Economic sociology is an entire subfield and one could write an series on it, so I’m going to stick to probably the most prominent economic sociologist and the founder of ‘new economic sociology’, Mark Granovetter.
Economic Sociology: the Contributions of Mark Granovetter
The leading edges of economic thinking in the early 21st century are marked by a nascent pluralism - a positive valuing of difference and complexity - regarding the nature and evolution of human behaviour and economic organization. Economic Pluralism brings these pluralist sensibilities to the fore.
Economic Pluralism
In this essay, the principle of capital accumulation, as well as the idea of homo economicus as the basis of the growth model, are located and analyzed from a feminist perspective. The sufficiency approach is presented as an alternative to these two economic logics.
Enough! The Sufficiency Approach and the Limits of Economic Growth
The workshop deals with the contribution of Plural Economics to the urgently needed change of the economic system towards sustainability and global responsibility.
After completing the module, participants should be able to demarcate and explain different economic approaches to sustainability. They should be able to evaluate the respective concepts based on their contribution to the ecological transformation of the economic system.
Pluralist Economics for a Sustainable Economic Future
This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
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
The course will teach students to analyze the goals, implementation, and outcomes of economic policy.
Advanced Economic Policy 2
This is an overview of (possibly transformative) proposals to address the economic consequences of the corona crisis
Overview of proposals to combat the economic consequences of the Corona crisis
John Maurice Clark’s article “The Changing Basis of Economic Responsibility,“ published in the Journal of Political Economy, is the topical starting point for all scholars interested in economic responsibility and responsible economic action.
Economic Responsibility
At the time of his death in 1950, Joseph Schumpeter was working on his monumantal History of Economic Analysis. Unprecedented in scope, the book was to provide a complete history of economic theory from Ancient Greece to the end of the Second World War. A major contribution to the history of ideas as well as to economics, History of Economic Analysis rapidly gained a reputation as a unique and classic work.
History of Economic Analysis
A systematic comparison of the three major economic theories, showing how they differ and why these differences matter in shaping economic theory and practice.
Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories.
Contending Economic Theories
"Despite the rediscovery of the inequality topic by economists as well as other social scientists in recent times, relatively little is known about how economic inequality is mediated to the wider public of ordinary citizens and workers. That is precisely where this book steps in: It draws on a cross-national empirical study to examine how mainstream news media discuss, respond to, and engage with such important and politically sensitive issues and trends.
Economic Inequality and News Media
This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis.
Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions
Economic theory must distinguish between publicly owned and privately owned property if it is to account for the effect of institutions on the behavior of individuals. Careful study of the theories of Marxists and the real-world experience in the Soviet economy offer important lessons and insight for economic modeling and the ongoing development of theory. In this course, Marxist/Leninist theory and Soviet reality will be studied with an open mind, and with the goal of taking lessons from the case study. To what extent was the Soviet economy an accurate expression of Marxist theory? If Marxism were tried somewhere else would the results be the same?
Economic History of the Soviet Union
With a focus on Chile, Pinochet’s Economic Accomplices: An Unequal Country byForce uses theoretical arguments and empirical studies to argue that focusing onthe behavior of economic actors of the dictatorship is crucial to achieve basic objectivesin terms of justice, memory, reparation, and non-repetition measures.
Pinochet's Economic Accomplices
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
This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism
Pluralist Economic Analysis
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 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
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
An essay of the writing workshop on Nigeria’s Readiness for and the Effect of the Fourth Industrial Revolution
The Fourth Industrial Revolution: Economic Impact and Possible Disruptions
This article by Rüdiger Bachmann et.al. discusses the economic effects of a potential cut-off of the German economy from Russian energy imports.
What if? The Economic Effects for Germany of a Stop of Energy Imports from Russia
This book offers the first systematic analysis of economic thought concerning war.
War in Economic Theories over Time
Study of the German Council of Economic Experts on the potential economic effects of a comprehensive energy embargo against Russia
A potential sudden stop of energy imports from Russia: Effects on energy security and economic output in Germany and the EU
"Why information grows" by Cesar Hidalgo and the atlas of economic complexity. César visits the RSA to present a new view of the relationship between the individual and collective knowledge, linking information theory, economics and biology...
Why information grows and the atlas of economic complexity.
In 18th century Europe figures such as Adam Smith, David Ricardo, Friedrich List and Jean Baptiste Colbert developed theories regarding international trade, which either embraced free trade seeing it as a positive sum game or recommended more cautious and strategic approaches to trade seeing it as a potential danger and a rivalry and often as a zero-sum game. What about today?
Free trade in economic theories
The background for the present elaboration is twofold firstly the ongoing debate about whether the Marxian theory of value has been damaged or even destroyed by the alleged impossibility of solving the transformation problem and secondly the fact that almost all of the later economic manuscripts of Marx are now …
A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model
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