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267 results
Economic theory is currently at a crossroads, where many leading mainstream economists are calling for a more realistic and practical orientation for economic science. Indeed, many are suggesting that economics should be reconstructed on evolutionary lines.
This book is about the application to economics of evolutionary ideas from biology.
This book is about the application to economics of evolutionary ideas from biology.
Challenging the Mainstream in the Twentieth Century Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches such as Marxism radical economics Institutional economics Post Keynesian economics and others that can collectively be called heterodox economics Because of the dominance of neoclassical economics the existence …
Is or has economics ever been the imperial social science? Could or should it ever be so? These are the central concerns of this book. It involves a critical reflection on the process of how economics became the way it is, in terms of a narrow and intolerant orthodoxy, that has, nonetheless, increasingly directed its attention to appropriating the subject matter of other social sciences through the process termed "economics imperialism".
That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does.
In "The Money Problem, "Morgan Ricks argues for a reform of the American monetary system. Taking up foundational questions of monetary policy, he asks: how would we construct a monetary system if we were starting from scratch? What are the characteristics of a monetary instrument?
In economics the dominant framework for exploring the structure of market economies is provided by the neoclassical school of thought. This text aims to show how neoclassical theory is used to model market mechanisms, both in particular markets and in the market economy as a whole.
Economics: A New Introduction provides a fresh introduction to real economics. Highlighting the complex and changing nature of economic activity, this wide-ranging text employs a pragmatic mix of old and new methods to examine the role of values and theoretical beliefs in economic life and in economists understanding of it.
Latin America and Europe can both learn from their respective experiences on crisis response and the distributive and democratic implications at national and regional level Democratic and distributive aspects of crisis response monetary financial economic policies and institutional reforms are key but have not been adequately addressed in the literature …
This edited volume explores how dependency theories can be adapted and applied to understand limits and possibilities for development in Latin America and Europe It explores core periphery relations across different sets of countries specific mechanisms of dependency as well as the role of race and gender in dependency analysis …
Gender Development and Globalization is the leading primer on global feminist economics and development. Gender is a development issue because social considerations are not easily incorporated into institutions such as policies, regulations, markets and organizations. This process is often referred to as the mainstreaming of gender in development institutions.
The world's leading economist of inequality presents a short but sweeping and surprisingly optimistic history of human progress toward equality despite crises, disasters, and backsliding.
The productive work of widely distributed academic research has contributed substantially, over the postwar period, to important advances in our understanding. It has also offered a clearer recognition of many unresolved problems. Never theless, the progress achieved over the last decades, ex hibited by the systematic application of "theory" to actual issues and observable problems, could not overcome a per vasive sense of dissatisfaction.
Rethinking Regulation of International Finance encapsulates the most important aspects of the development and operation of the international financial system. This book questions the fundamental basis of the existing international financial architecture (soft law) and explores the need for a compliance-based model based on legitimacy of regulations and accountability of the regulatory bodies in international financial stability.
Approaching the law of nature that determines all forms of economy. The bulk of economic theory addresses the economic process by setting out on a catalogue of aspects, seeking the laws in the aspects and hoping to get together a reliable view of the whole.
Departing from an analysis of women's employment and changing gender regimes in the pre crisis period, Jill Rubery illustrates how the crisis affects men's and women's employment differently. Afterwards, she discusses the crisis' impact on gender relations. Based on empirical findings, she shows how men were more affected by the recession and women more by austerity and presents possible explanations. Those are furthermore linked to women's employment decisions and prevalent gender regimes. In particular, Rubery discusses cut backs in public spendings on care, flexibilization and the role of conservative gender ideologies.
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.
This essay deals with the concepts of Sustainable Land Management (SLM) and Land Degradation Neutrality (LDN).
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.
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.
In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.
This paper surveys the development of the concept of socialism from the French Revolution to the socialist calculation debate. Karl Marx’s politics of revolutionary socialism led by an empowered proletariat nurtured by capital accumulation envisions socialism as a “top-down” system resting on political institutions, despite Marx’s keen appreciation of the long-period analysis of the organization of social production in the classical political economists. Collectivist thinking in the work of Enrico Barone and Wilfredo Pareto paved the way for the discussion of socialism purely in terms of the allocation of resources. The Soviet experiment abandoned the mixed economy model of the New Economic Policy for a political-bureaucratic administration of production only loosely connected to theoretical concepts of socialism. The socialist calculation debate reductively recast the problem of socialism as a problem of allocation of resources, leading to general equilibrium theory. Friedrich Hayek responded to the socialist calculation debate by shifting the ground of discussion from class relations to information revelation
Tetteh Hormeku-Ajei, member of the Post-Colonialisms Today Working Group, provides insight on the history of primary commodity export dependence in Africa, and relates it to the difficulties African governments are facing finding necessary resources to tackle the COVID-19 pandemic.
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.
Steve Keen analyses how mainstream economics fails when confronted with the covid-19-pandemic. Mainstream economics has propagated the dismantling of the state and the globalization of production - both of which make the crisis now so devastating. More fundamentally, mainstream economics deals with market systems, when what is needed to limit the virus’s spread is a command system.
Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid.
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.
It is perhaps fitting that the seriousness of the coronavirus threat hit most of the Western world around the Ides of March, the traditional day of reckoning of outstanding debts in Ancient Rome. After all, problems and imbalances have accumulated in the Western capitalist system over four decades, ostensibly since it took the neoliberal road out of the 1970s crisis and kept going along it, heedless of the crises and problems it led to.
An examination of women's changing economic roles. Includes an analysis of labour force participation, wage inequality, gender differences in education, intra-household distribution of resources, economics of reproduction, and how technological change affects women.
As seen with the United Nations significant promotion of the Sustainable Development Goals (SDGs) in the past few years, the issue of global development is of growing concern to many international organizations. As humanity continues to become more interconnected through globalization, the inequalities and injustices experienced by inhabitants of impacted countries becomes increasingly clear. While this issue can be observed in the papers of different types (e.g., different schools of thought) of economists throughout the world, the work of behavioral and complexity economists offer a unique, collaborative perspective on how to frame decisions for individuals in a way that can positively reverberate throughout society and throughout time.
What are the implications of the politics of "behavioural change"? Alexander Feldmann took a closer look for you on nudging and framing and if this is a legitimate instrument being used by the state to make us behave better in terms of our carbon footprint.
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.
In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency.
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