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355 results
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses1.” This is how Lionel Robbins came to define economics in the early 1930s and there is a good chance that many of you heard a variant of this definition in your first Economics 101 lecture.
What is “Economics”?
What is money and how is it used? After answering these questions, Dirk Bezemer analyses how finance can be dysfunctional for the real economy.
When is Finance Bloated and Dysfunctional?
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
Free, Fair & Alive is a foundational re-thinking of the commons, the self-organized social systems that human beings have used for millennia to meet their needs.
Free, Fair, and Alive
The concern of this book is how to model time series statistically and there is emphasized the practical, applied aspects of statistical time series modeling. The author aims to provide methods that may be used to understand and analyze time series that accur in the “real world” that researchers face.
Applied Time Series Analysis
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
What are the debates, feminist and otherwise, surrounding the phenomena of globalization? How does a gendered lens complicate our understandings of neoliberal globalization? How are particular labor regimes integral to global restructuring, and how are these gendered? What are the implications of global restructuring for bodies, identities, relations, and movements?
The Gender and Labor of Globalization
The chi-square distribution is used to test a hypothesis. Therefore, expected values are related to observed values using a chi-square distribution. Then using p-value tables the hypothesis is tested at a 5% significance level.
Pearson's chi square test (goodness of fit) | Probability and Statistics | Khan Academy
In this short talk „On Economics“ Ha-Joon Chang, author of the book „Economics: The User's Guide“, gives a critical wrap-up on the economic discipline – on what is perceived as economics, what are dominant paradigms, the role of numbers and economics in public life. He further elaborates on the importance of heterodox schools of thought.
Ha-Joon Chang on Economics
Health Economics traditionally involves two distinct strands. One focuses on the application of core neoclassical economic theories of the firm, the consumer and the market to health-seeking behaviour and other health issues. It suggests a role for government intervention only in the case of specific market failures (for example externalities, asymmetric information, moral hazard, and public goods) that distort market outcomes. The second strand is evaluation techniques, used to assess the cost effectiveness of competing health interventions.
Health Economics
The podcast exposes the concept and principles of co-operatives and the three main types of co-operatives: the consumer, credit and farmers buying and selling co-operatives. Furthermore, the history of the co-operative movement is presented. The authors draw the line from co-operatives to "degrowth" by arguing that these organisations discourage profit maximisation due to their ownership structure, their social purpose and their primacy of people over capital. The value of the members' co-operative share does not increase with the growth of a co-operative and it can not be used for speculation. Finally, the authors give examples for current co-operatives which empower (local) communities fostering social justice and environmentalism.
Co-operatives
What possibilities exist for a fairer world Can one person truly make a difference In this social sciences course we sample the possibilities and limits of social change in an interconnected inequitable global landscape This course features in depth examinations of the rise of garment work for Bangladeshi women a …
Global Social Change
This animated video explains gender responsive budgeting and how it is used to mainstream gender in governance planning and budgeting. The video has been pro...
What is Gender Responsive Budgeting
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
A review of:
[1] Intermediate Microeconomics, H.R. Varian
[2] Mikrooekonomie, R.S. Pindyck, D.L. Rubinfeld
[3] Grundzuege der mikrooekonomischen Theorie, J. Schumann, U. Meyer, W. Stroebele
The Dichotomy, Inconsistency, and Peculiar Outmodedness of the "Mainstream" Textbook
Can pluralism in economics be useful to tackle the fight against climate change? How can a diversity in methods and ideas allow for a better understanding of the issue of the climate crisis? What solutions do different schools of thought offer to overcome the most pressing challenge of the 21st Century? Our Rethinker Henrika Meyer will give you some answers and give you a glimpse of the solutions pluralism offers to tackle the fight against climate change.
Climate Economics
Can pluralism in economics be useful to tackle the fight against climate change? How can diversity in methods and ideas allow for a better understanding of the issue of the climate crisis? What solutions do different schools of thought offer to overcome the most pressing challenge of the 21st Century?
Clips on Climate: Ecological Economics
Can pluralism in economics be useful to tackle the fight against climate change? How can diversity in methods and ideas allow for a better understanding of the issue of the climate crisis?
Clips on Climate: Behavioral Economics
Can pluralism in economics be useful to tackle the fight against climate change? How can diversity in methods and ideas allow for a better understanding of the issue of the climate crisis? What solutions do different schools of thought offer to overcome the most pressing challenge of the 21st Century? Our Rethinker Henrika Meyer will give you some answers and give you a glimpse of the solutions pluralism offers to tackle the fight against climate change.
Clips on Climate: Complexity Economics
The documentary features a talk of the US-American writer and economic theorist Jeremy Rifkin summarising the main points of his 2011 book "The Third Industrial Revolution."
The Third Industrial Revolution: A Radical New Sharing Economy
Modern authors have identified a variety of striking economic patterns, most importantly those involving the distribution of incomes and profit rates. In recent times, the econophysics literature has demonstrated that bottom incomes follow an exponential distribution, top incomes follow a Pareto, profit rates display a tent-shaped distribution. This paper is concerned with the theory underlying various explanations of these phenomena. Traditional econophysics relies on energy-conserving “particle collision” models in which simulation is often used to derive a stationary distribution. Those in the Jaynesian tradition rely on entropy maximization, subject to certain constraints, to infer the final distribution. This paper argues that economic phenomena should be derived as results of explicit economic processes. For instance, the entry and exit process motivated by supply decisions of firms underlies the drift-diffusion form of wage, interest and profit rates arbitrage. These processes give rise to stationary distributions that turn out to be also entropy maximizing. In arbitrage approach, entropy maximization is a result. In the Jaynesian approaches, entropy maximization is the means.
The Econ in Econophysics
This brief note explores the possibility of working towards an enlarged self-definition of economics through economists’ study and appreciation of economic sociology. Common ground between economic sociology and heterodox economics is explored, and some of Richard Sennett’s ideas are used as prompts to raise some pertinent and hopefully interesting questions about economics. In particular, the note revisits the question of whether there is a possibility of changing our understanding of what kind of social scientific work falls within the domain of economics proper once we start critically engaging with work conventionally considered to be outside of that domain. In part, the note is intended to offer undergraduate students in economics – and possibly even those further down the road in their education – food for thought about what constitutes economics.
On the Possibility of an Enlarged Self-Definition of Economics
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
In this episode of the Planet Money podcast the Caribbean island of Barbuda is used as an example to explore the notion of property rights Until the island was struck by Hurricane Irma in November 2017 the island belonged to all Barbudans First there is a brief historic background given …
"The Island No One Owns" - Property Rights in Barbuda
This short video visualizes the destabilizing effects financial markets can have on food prices, based on a paper by Jayati Ghosh. It introduces and explains the idea of future contracts and how those are used to speculate with basic food stuffs. After establishing the concepts, the video sketches out how the increase in those practices resulted in a substantial rise and later collapse of food prices around 2008 with severe consequences for many developing countries and their people.
Food and Finance
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
This teaching pack focuses on the practice and real-world activities of central banks. It assumes students have a grasp of basic macroeconomic concepts already, and is therefore most suitable to be used at the end of introductory macro courses, or in more advanced macro or monetary economics courses.
The Practice of Central Banking
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.
Whither Central Banks?
In this teaching pack, we look at the acquisition of Twitter by Elon Musk. In particular, we focus on what it means to take a company private and how the deal was financed.
Musk buys Twitter
This MOOC (Massive Open Online Course) discusses Global Workers’ Rights and shows instruments and strategies which can be used to implement them.
Workers' Rights in a Global Economy
Participants should be able to distinguish the strictly non-cooperative (methodological individualist) foundations of traditional neoclassical economics as being couched in self-interested individuals, as well as having basic knowledge of an alternative set of theories based on the primacy cooperation and social norms and extending the breadth of economic analysis beyond exchange.
Cooperative Economics
Education policy seeks to ensure equality in access, equality within the classroom and in teaching- learning processes, and equality in outcomes. This course encourages students to assess and evaluate the extent to which these objectives are met in practice and the ways in which educational outcomes are shaped by, as well as alter, gendered social norms.
Education, Gender and Development
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