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Mainstream economic narratives notably the concept of comparative advantage trade theory which assumes the equal balance of power between parties are deployed to support the merits of Global Value Chains that the global integration via trade creates mutual gains for both developed and developing countries This narrative is advanced in …
World Development under Monopoly Capitalism
The effects of the 2020 pandemic on the Latin-American region: a thorough before-after analysis.
COVID-19 and Economic Development in Latin America
Despite the Doha declaration of November 2001, the failure to start a new round of global trade negotiations at Seattle in December 1999 and the hostility of protesters to the trade liberalization process and growing global economic and social disparities was a wake-up call for the World Trade Organisation (WTO).
The WTO, Agriculture and Sustainable Development
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
This short video examining the concepts of rents and rent-seeking, and the high cost of orthodox liberal anticorruption policies.
Rent-Seeking, Corruption and Development
"Learn why cities are key in resolving global urbanization and sustainability challenges and how you can engineer tomorrow’s cities today."
Sustainable Urban Development
Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy.
New Structural Economics
A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
Mathematical Economics in the 19th Century
By conducting a discourse analysis (SKAD) in the field of academic economics textbooks, this paper aims at reconstructing frames and identity options offered to undergraduate students relating to the questions ‘Why study economics?’ and ‘Who do I become by studying economics?’. The analysis showed three major frames and respective identity offerings, all of which are contextualized theoretically, with prominent reference to the Foucauldian reflection of the science of Political Economy. Surprisingly, none of them encourages the student to think critically, as could have been expected in a pedagogical context. Taken together, economics textbooks appear as a “total structure of actions brought to bear upon possible action” (Foucault), therefore, as a genuine example of Foucauldian power structures.
The power of economic textbooks: A discourse analysis
From the two premises that (1) economies are complex systems and (2) the accumulation of knowledge about reality is desirable, I derive the conclusion that pluralism with regard to economic research programs is a more viable position to hold than monism. To substantiate this claim an epistemological framework of how scholars study their objects of inquiry and relate their models to reality is discussed. Furthermore, it is argued that given the current institutions of our scientific system, economics self-organizes towards a state of scientific unity. Since such a state is epistemologically inferior to a state of plurality, critical intervention is desirable.
The Complexity of Economies and Pluralism in Economics
In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream 'New Consensus Model' (NCM), and allowing to derive a full macroeconomic policy mix as a more convincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.
Post-Keynesian macroeconomics since the mid-1990s: Main developments
This paper starts with an evaluation of three common arguments against pluralism in economics: (1) the claim that economics is already pluralist, (2) the argument that if there was the need for greater plurality, it would emerge on its own, and (3) the assertion that pluralism means ‘anything goes’ and is thus unscientific. Pluralist responses to all three arguments are summarized. The third argument is identified to relate to a greater challenge for pluralism: an epistemological trade-off between diversity and consensus that suggests moving from a discussion about ‘pros’ and ‘cons’ towards a discussion about the adequate degree of plurality. We instantiate the trade-off by showing how it originates from two main challenges: the need to derive adequate quality criteria for a pluralist economics, and the necessity to propose strategies that ensure the communication across different research programs. The paper concludes with some strategies to meet these challenges.
Pluralism in economics: its critiques and their lessons
The global financial crisis (GFC) led to increasing distrust in economic research and the economics profession, in the process of which the current state of economics and economic education in particular were heavily criticized. Against this background we conducted a study with undergraduate students of economics in order to capture their view of economic education.
What economics education is missing: The real world
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.
Theories of finance and financial crisis: Lessons for the Great Recession
Although sometimes used as synonyms, economic growth and economic development refer to different processes. While economic growth refers to an increase in real national income and output (i.e., GDP growth rate), economic development refers to an improvement in the quality of life and living standards (i.e., life expectancy).
Could gender equality help the economy?
Based on a paper by Jason Hickel and Giorgos Kallis Decoupling refers to the separation of economic value creation material extraction and pollution. Ecological limits pose a challenge to growth-led development and the low historical and predicted rate of decoupling suggests that long-term sustainable growth-led development is impossible.
Degrowth and Environmental Justice: Decoupling
Quinn Slobodian a historian of modern Germany and international history analysis of current development in the Mont Pèlerin Society and therefore neo-liberalism. He sees neo-liberalist thinkers less as believers in the self-healing power of markets, but more as ordo-liberal Globalists who wanted to protect the markets from post-war politics and especially mass democracy. Their goal of global capitalism is still strong, however sceptics in the Mont Pèlerin Society are rising, which see international migration as a threat to Globalisation. Therefore, turning neo-liberal policies away from international institutions like the EU back towards the national states as new defenders of the markets as well as international trade and investments.
(A development which can be seen in the Friedrich A. von Hayek-Gesellschaft and especially in the "liberal" wing of the German rightwing populist party AfD)
Neo-liberal Globalism and the Backlash from Within
Evolutionary economics focuses on economic change. Hence processes of change such as growth, innovation, structural and technological change, as well as economic development in general are analysed. Evolutionary economics often gives emphasis to populations and (sub-)systems.
Evolutionary Economics
Neoclassical economics focuses on the allocation of scarce resources. Economic analysis is mainly concerned with determining the efficient allocation of resources in order to increase welfare.
Neoclassical Economics
This chapter discusses the role of gender in economic relations, processes, and outcomes. Gender differences in economic outcomes such as labor force participation and wages have received growing attention from economists in the last several decades – a positive and much needed development in economic thinking.
Illuminating the role of gender in the economy
Feminist economics focuses on the interdependencies of gender relations and the economy. Care work and the partly non-market mediated reproduction sphere are particularly emphasised by feminist economics.
Feminist Economics
Institutional economics focuses on the role of social institutions in terms of laws or contracts, but also those of social norms and patterns of human behaviour that are connected to the social organisation of production, distribution and consumption in the economy.
Institutionalist Economics
Behavioural economics deals with observing behaviour and economic decision making behaviour.
Behavioral Economics
The Routledge Handbook of Feminist Economics presents a comprehensive overview of the contributions of feminist economics to the discipline of economics and beyond. Each chapter situates the topic within the history of the field, reflects upon current debates, and looks forward to identify cutting-edge research. Consistent with feminist economics' goal of strong objectivity, this Handbook compiles contributions from different traditions in feminist economics (including but not limited to Marxian political economy, institutionalist economics, ecological economics and neoclassical economics) and from different disciplines (such as economics, philosophy and political science). The Handbook delineates the social provisioning methodology and highlights its insights for the development of feminist economics. The contributors are a diverse mix of established and rising scholars of feminist economics from around the globe who skilfully frame the current state and future direction of feminist economic scholarship. This carefully crafted volume will be an essential resource for researchers and instructors of feminist economics.
The Routledge Handbook of Feminist Economics
Extractivism is a development model based on exploiting and exporting raw materials. It is fundamental to reproducing entire societies, mainly in the Global South, while generating manifold dilemmas. This text situates extractivism within the broader landscape of global economic asymmetries, emphasizing the role of rents—excess revenues generated from resource extraction due to international price differentials—as a central analytical lens.
The Political Economy of Extractivism
In this essay, the author takes a critical perspective on the pursuit of growth as the solution for providing for environmental sustainability and economic stability in the countries of Central and Eastern Europe.
Drawing from the framework of dependency theory and presenting brief insights into European core-periphery relations the author then argues for the implementation of an alternative strategy to development that is built around the concept of self-reliance.
Dependency in Central and Eastern Europe - Self-reliance and the need to move beyond economic growth
Introduction Economics is by necessity a multi paradigmatic science Several theoretical structures exist side by side and each theory can never be more than a partial theory Rothschild 1999 Likening scientific work to the self coordinating invisible hand of the market Michael Polanyi cautioned strongly against centralized attempts to steer …
Making Many Maps: Why We Need an Interested Pluralism in Economics and How to Get There
Stratification economics is defined as a systemic and empirically grounded approach to addressing intergroup inequality. Stratification economics integrates economics, sociology and social psychology to distinctively analyze inequality across groups that are socially differentiated, be it by race, ethnicity, gender, caste, sexuality, religion or any other social differentiation.
Stratification Economics
The Austrian tradition in economic thought had a profound influence on the development of post-war economics including neoclassical orthodoxy, game theory, public choice, behavioral economics, experimental economics and complexity economics.
Explorations in Austrian Economics
In this text, Fred Heussner takes up the debate on anti-fascist economics, places it in the context of existing developments and identifies potential for further development.
Anti-fascist economics? For sure! But what does that mean?
Irene van Staveren, professor of pluralist development economics, presents her pluralist teaching method for the introductory level. Based on her textbook “Economics After the Crisis: An Introduction to Economics from a Pluralist and Global Perspective” she suggests to focus on real-world problems and pari passu apply economic theories such as Social economics, Institutional economics, Post-Keynesian economics as well as Neoclassical economics without wasting time to single out the latter. Besides pointing out advantages of such a pluralist method Irene illustrates her approach based on interesting topics such as growth or feminist economics.
Beyond stimulus versus Austerity: Pluralist capacity building in Macroeconomics
This book is designed for a one-semester or two-semester course in international economics, primarily targeting non-economics majors and programs in business, international relations, public policy, and development studies. It has been written to make international economics accessible to wide student and professional audiences.
An Introduction to International Economics
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