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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
Stiglitz answers the question why globalization and world trade has not delivered on its promise of increased well being as much as classical economists thought, by pointing to the power asymmetries: firstly, between industrialized nations and developing nations and secondly, between special corporate interest and social interests. In his analysis, developed countries and MNCs were able to extract the benefits, while shifting the costs (i.e. pollution) to states and communities with lesser power. Amongst many other historical examples the pharmaceutical and the mining industry are discussed to some length.
Stiglitz on globalization, why globalization fails? The trade agreements
In this lecture Mirowski claims that a good critique of and alternative to neoclassical economics should focus on microeconomics. In addition, he claims that mainstream economics is not about a specific "human nature", instead the understanding of markets (partially based on Hayek) is of special importance. As an alternative Mirowski proposes institutionalist economics that builds upon how markets work nowadays (e.g. links to computer science).
Should Economists be Experts in Markets or in Human Nature?
The Heterodox Economics Directory provides a broad variety of links to heterodox journals, books, conferences, study programs, teaching materials and blogs. Some categories are subdivided by schools of thoughts - it's a valuable source for heterodox material on the internet.
Heterodox Economics Directory
Founded in 1968, The Union for Radical Political Economics (URPE) is an interdisciplinary membership organization of academics and of activists. Its mission is to promote the study, development and application of radical political economic analysis to social problems. Concretely, this involves a continuing critique of both the capitalist system, and of all forms of exploitation and oppression. URPE’s mission also includes, coming out of this critique, helping to construct a progressive social policy, and a human-centered radical alternative to capitalism.
Union for Radical Political Economics
John K. Galbraith recounts episodes in the history of money such as the creation of the bank of Amsterdam, John Law's fraudulent Bank Royal, the inception of the Bank of England and of the Federal Reserve to illustrate concepts such as money creation by commercial banks, the bank rate, open market operations or the money supply in general. The emotions, myths and struggles surrounding money are addressed and explained in a clear and consistent manner.
The Age of Uncertainty Episode 6 The Rise and Fall of Money
The dossier explores the nature of care work and the gendered constructions and dichotomies that are associated with it. Drawing from feminist analysis the double burden, the undervaluation of feminised labour, the commodification of affective labour and the remittance economy are inquired into. Moreover, it is discussed how welfare regimes rely on the different organization of care work.
Care – I-PEEL.org
Eckhard Hein criticises the mainstream's view of secular stagnation as the result of a negative real equilibrium interest rate. Arguing in a Keynesian spirit with particular reference to Steindl, secular stagnation is considered to be a result of shift in the functional income distribution, and oligopolistic organisation of industries, leading to excess capacity and reluctance to invest. This acts as a drag on effective demand and results in secular stagnation. Distributional policies and public investment can, however, overcome stagnation its tendencies.
Secular Stagnation or stagnation policy? Steindl after Summers
Özlem Onaran analyses the current problems of secular stagnation from a global perspective. At the core of global economic problems is insufficient demand caused by falling wage shares, because most individual countries, and the world as a whole are “wage-led”. Hence a strategy for global growth is to aim at increasing wages and thus the wage share, and the abandonment of policies focusing purely on national competitiveness. Financialization has broken the link between corporate profitability and investment. Reregulation of finance and higher public investment is required in order to crowd in private investment, in this way, reversing the declining trend of potential output growth.
Current Problems of Secular Stagnation from a Global Perspective
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
Gilles Carbonnier, Professor of Development Economics and Director of Studies at The Graduate Institute Geneva, explains the emerging field of Humanitarian Economics. It analyses how economics can help to better grasp and respond to humanitarian crises, and why capturing market dynamics - including the humanitarian market itself, or in relation to e.g. kidnapping and detention in war - has become critical.
The Birth of Humanitarian Economics
A multimedia dossier outlining the various dimensions of credit and indebtedness for various actors such as individuals and governments. Special emphasis is put on the reflections of normative and power laden discourse sorrounding the issue of borrowing and on false analogies placed between household and government debt.
Borrowing – I-PEEL.org
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
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
Since Daniel Kahneman won the Nobel Memorial Price in Economic Sciences in 2002, a new branch of economics gained academic and popular interest. That is, the so-called area of behavioural economics. However, some scholars claim that this new area of economics is not changing much of the mainstream paradigm. Why?
Is Behavioural Economics the New Mainstream?
In this blog article Steve Keen elaborates on flawed climate change modelling and mainstream economics forecasts. In specific, he stresses the climate change forecasts of the DICE model (“Dynamic Integrated model of Climate and the Economy”) by Nobel Memorial Prize in Economic Sciences winner William Nordhaus.
The Cost of Climate Change
In this short Video Silke Helfrich discusses the basics of commons. It’s an introduction into the essence of commons from a perspective stemming from outside the economic discipline that focuses on social practice. Her perception challenges the economic mainstream’s perception of common goods and goes beyond a purely materialistic conceptualisation of commons.
The Basics of Commons
Happiness economics is a branch in behavioral economics, where it explores the economics factors and consequences of happy humans. What makes people happier, and what benefits do we get when people are happier? This dossier introduces you to the field of happiness economics, from a review of economic factors proposed to influence people’s happiness, to a discussion of the economic consequences of happiness, and concludes with economic policy implications of happiness economics.
Happiness Economics. Does the Easterlin paradox stand?
The article discusses the state’s influence on innovation through financial support and provides examples how the state could receive a financial share of successful enterprises in order to keep on driving innovation in the future.
State of innovation: Busting the private-sector myth
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 article, the Harvard Business Review recognizes the arguments of the Degrowth vision and gives examples of businesses that have thrived following its precepts. The authors suggest three strategies that firms should put into action to be at the forefront of this movement. The article also gives a brief overview of what the degrowth is about and its main criticisms.
Why "De-Growth" Shouldn't Scare Businesses
Nathan Tankus created this series to introduce people outside of the inner financial circles of professionals, journalists and policymakers to the basic mechanisms and dynamics of monetary policy.
Monetary Policy 101
"Bank Underground" is the staff blog of the Bank of England, founded to publish the views and insights of the people working for one of the world's oldest central banks. The blog covers a wide range of macroeconomic topics, mostly linked to the effects of monetary policy, of course, but not all the time. It provides timely, relevant analysis of contemporary challenges in economic policy and is thus often a perfect primer.
Bank Underground
The resource map contains links to a collection of resources related to the circular economy, which include videos, presentations, graphics, business case studies and articles. Many of the resources were created by the Ellen MacArthur Foundation, others are given credit where due.
Circular economy resources map
This reports presents empirical findings of research conducted by Michelle Holder, assistant professor of economics at John Jay College, City University of New York, with regard to the impact of what she terms a "double gap"- gender wage gap and ethnic minority wage gap - on the U.S. labour market.
The "Double Gap" and the Bottom Line: African American Women’s Wage Gap and Corporate Profits
Is degrowth bad economics To properly answer this question it is essential to understand what economic growth really is The term growth is often associated with an increase in wealth a term loosely defined but according to the degrowth movement economic growth is a narrower concept only describing an increase …
Is prosperous degrowth feasible?
This article applies insights from behavioral economics to consider how the general public may make decisions around whether or not to receive a future COVID-19 vaccine in a context of frequent side effects and preexisting mistrust. Three common cognitive biases shown to influence human decision-making under a behavioral economics framework are considered confirmation bias, negativity bias, and optimism bias.
A behavioral economics perspective on the COVID-19 vaccine amid public mistrust.
Sporting events can be seen as controlled, real-world, miniature laboratory environments, approaching the idea of “holding other things equal” when exploring the implications of decisions, incentives, and constraints in a competitive setting (Goff and Tollison 1990, Torgler 2009). Thus, a growing number of studies have used sports data to study decision-making questions that have guided behavioral economics literature.
Sport as a Behavioral Economics Lab
In this piece Alexander Kravchuk gives an overview over the history of dept dependency in Ukraine, highlighting especially the role of international creditors and the negative socio-economic impacts of debt dependency for the Ukrainian economy.
The origins of Ukraine’s debt dependence
In March 2020, the Reserve Bank Board introduced a target for the yield on the three-year Australian Government bond which was discontinued in November 2021. This review examines the experience with the yield target and draws lessons from this experience.
The pitfalls of yield curve control
The Commentary explains the circular value chain and innovation potential along it. Focusing on Israel, examples on how cross-industry collaboration can help supporting a successful positioning in a (Digital) Circular Economy are presented.
Innovation Potential for a Circular Economy "Made in Israel"
Mohsen Javdani and Ha-Joon Changonline examine the effect of ideological bias among economists through a randomised controlled experiment involving 2,425 economists in 19 countries. The analysis provides clear evidence for the existence of ideological bias as well as of authority bias among economists.
Who said or what said? Estimating ideological bias in views among economists
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