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.
As tax day approached, St. Francis College Economics Professors launched their first Economics Week with three days of guest speakers and student research. Randall Wray explains some basic principles of Modern Monetary Theory.
This panel discusses the role of mathematics and history in economics. Lord Robert Skidelsky and Dr. Ha-Joon Chang advocate for a more prominent role of history and a less prominent role of mathematics within economics. Prof. Steve Pisckhe and Prof. Francesco Caselli defend the dominant role of mathematics within economics. Each of the speakers gives a 10-15 minutes talk advocating his position, before the panel is opened up for Q&A. The discussion is moderated by Prof. James Foreman-Peck.
In this video, Rajan Raghuram highlights ‘A hereditary Meritocracy’. He identifies the “limitations” with the current economic systems of democracy and markets.
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.
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.
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.
This journal article by Radhika Desai, Professor at the Department of Political Studies, and Director of the Geopolitical Economy Research Group at the University of Manitoba, Winnipeg, Canada, was originally published in 2010 and republished in an revised format in 2020. The article is a comprehensive treatment of Marx's theory of crisis, focusing on the role of consumption demand in capitalism and in the emergence of crises.
In this short talk 'Measuring the Danger of Segregation' Trevon Logan, Professor of Economics at The Ohio State University, explores the impacts of structural racism on economics and health.
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.
We collect selected high quality working papers from the leading international universities and research institutes in the field of plural and heterodox economics. The working papers in our selection present economic schools of thought and debates in a first-class way and give an insight into the latest research.
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
The last 15 years have seen extensive research into ecosystem service valuation (ESV), spurred by the Millenium Ecosystem Assessment in 2005 (Baveye, Baveye & Gowdy, 2016). Ecosystem services are defined as “the benefits people obtain from ecosystems” (Millenium Ecosystem Assessment, p.V). For example, ecosystems provide the service of sequestering carbon which helps regulate the climate. Valuation means giving ecosystems or their services a monetary price, for example researchers have estimated that the carbon sequestration services of the Mediterranean Sea is between 100 and 1500 million euros per year. The idea of ESV was a response to the overuse of natural resources and degradation of ecosystems, allegedly due to their undervaluation and exclusion from the monetary economy. ESV can be used (1) for policy decision-making, for example allocating funding to a reforestation project (2) for setting payments to people who increase ecosystem services, for example a farmer increasing the organic carbon content of their soil, and (3) for determining fees for people who degrade ecosystem services, for example a company that causes deforestation.
This is an introductory level core course in macroeconomics for those expecting to take further courses in economics. It provides a theoretical and applied approach of introductory macroeconomics, with an international perspective and applications to account for the growing importance of the global economy and the rising openness of economies.
In this podcast, Nalia Kabeer talks about her work, criticising the way in which Randomized Control Trials (RCTs) is adopted as a sole form of impact assessment. At the beginning of the talk, she briefly describes The Ultra Poor Project (the context of her study), RCTs and its critiques (such as lack of acknowledgement of human agency, heterogeneity, and social context); also, the problem that most RCTs practitioners do not allow for qualitative research conducted in an integrated way as it might cause their studies “being contaminated.”
This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism
After completing the module, participants should be able to have general overview on the theory of commons. They can differentiate between neoclassical, new institutional and social/critical commons theory and can use these theories to assess real life common-pool resource management and commoning pratices.
This course will introduce key concepts, theories and methods from socioeconomics. The first part of the course, will deal with the main economic actors and how their interactions are governed. Markets are seen as sets of social institutions. Institutions shape how consumers, firms and other economic actors behave. While it is difficult to understand how novelty emerges, we can study the conditions that are conducive to innovation. We will review how economic performance, social progress and human wellbeing are measured and what progress has been made. In the second part of the course, we will study a specific macroeconomic model that accounts for biophysical boundaries and inequality.
This course will fundamentally ask whether we can, or even should use the word ‘decolonising’ in our pursuit of a better economics?
"Learn why cities are key in resolving global urbanization and sustainability challenges and how you can engineer tomorrow’s cities today."
One hundred years ago the idea of 'the economy' didn't exist. Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed.
Adam Smith's concept of the invisible hand and its subsequent perception in economics is illustrated in this short video.
According to Karl Marx, work should satisfy people and encourage creativity. But the capitalist production, the separation of labour and the exploitation of workers alienates them from their products.
Marx Reloaded is a cultural documentary that examines the relevance of German socialist and philosopher Karl Marx s ideas for understanding the global economic and financial crisis of 2008 09 The crisis triggered the deepest global recession in 70 years and prompted the US government to spend more than 1 …
To celebrate the forthcoming book A brief history of Economic Thought From the Mercantilists to the Post Keynesians edited by Louis Philippe Rochon and Hassan Bougrine Edward Elgar Louis Philippe Rochon sat down with celebrated author and scholar Sergio Rossi to discuss his contribution Milton Friedman and the Monetarist School …
The short video gives a first idea of what Karl Popper meant by falsification.
What does GDP measure? How was it constructed and how did it become so important? What are alternatives? A historical introduction into the critique of GDP as measure of economic welfare.
This dossier gives an overview of the functions and the nature of money. The concept of Islamic finance is briefly explored, too.
Galbraith gives an overview of economic history from the 18th century until the end of the 19th century covering issues such as the industrial revolution the enclosure of the Scottish highlands the Irish famine and the colonization of North America Additionally the ideas of economists such as Smith Ricardo Malthus …
Completing the Economics of Discrimination module, the students should have acquired knowledge and understanding of the existing similarities and differences of the definition and analysis of discrimination across economic theory and cultural theory.
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?
This is an introductory lecture to Stock Flow Consistent SFC modelling Antoine Godin presents this family of macroeconomic models which is based on a rigorous accounting framework and guarantees a correct and comprehensive integration of all the flows and the stocks of an economy SFC models focus especially on interactions …