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The objective of the course is to explore the main strengths and weaknesses of orthodox and heterodox paradigms within development economics.
Issues in Development Economics
The documentary proceeds along the lines of Karl Marx' biography, inquiring into his workings as a journalist, social scientist, revolutionary and historian and his travels through Europe. In chronological order historical events, such as the 1848 revolution or the Paris Commune as well as concepts such as dialectics, the labour theory of value or the reform-revolution debate are revisited. The documentary is narrated by John Kenneth Galbraith and by an actor, who plays Marx and recites quotes from his writings.
The Age of Uncertainty Episode 3 Karl Marx The Massive Dissent
First historical instances of colonialism such as the crusades are revisited. Then a lengthy account of the colonial experience of the Spanish Kingdom in South America and of the British Empire in India is given. The Indian case is illustrated with large amounts of archival materials from a colonial administrator. There the workings of the colonial bureaucracy and law and its (positive) achievements as well as the ignorance and arrogance of the external rulers are demonstrated. After narrating the Indian independence to some depth some recent colonial wars (Algeria, Vietnam, Congo, Angola) are briefly examined. In the end, the impact of colonialism on current, i.e. 1970s, (economic) international relations is discussed. The general tenor is that colonialism is a dysfunctional system. Still, agency is mostly placed with the empire rather than with the ruled.
The Age of Uncertainty Episode 4 The Colonial Idea
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
On July 2020 ZOE-Institute published a unique platform for transformative policymaking: Sustainable Prosperity. Building on insights from new economic thinking the platform provides knowledge about ideas, arguments and procedures that support effective promotion of political change. It aims to strengthen change makers in public policy institutions, who are working on an ambitious green and just transition. As such, it provides convincing arguments and policy ideas to overcome the reliance of economic policy on GDP growth
Sustainable Prosperity
Balance of payments stability is of paramount importance for developing countries, both to secure the value of their domestic currencies as well as reliable foreign currency inflows. But how is that stability ensured and how important is the growth of exports for stability?
Thirlwalls Law Introduction
John K. Galbraith tells the economic history of a couple of economies (mostly UK, US and to a lesser extent Germany) from the end of the first world war until the Bretton Woods conference. He also provides a biography of John M. Keynes and outlines some central ideas of Keynes such as the possibility of an underemployment equilibrium. Galbraith complements the historical remarks by the biographical experiences he made in economic management (and in engaging with Keynes) serving as deputy head of the Office for Price administration during the second world war.
The Age of Uncertainty Episode 7 The Mandarin Revolution
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
Mark Blyth criticises the political inability to solve the persistent economic crisis in Europe against the background of a deflationary environment. Ideological blockades and impotent institutions are the mutually reinforcing causes of European stagnation. The deeper roots lie in the structural change of the economic system since the 1980s, when neoliberalism emerged as hegemonic ideology. This ideology prepared the ground for austerity and resulting deflationary pressures and a strategy of all seeking to export their way out of trouble. Worryingly this is breeding populist and nationalist resentments in Europe.
Policies to avert stagnation: The Crisis and the Future(s) of the Euro
The outbreak of COVID-19 has substantially accelerated the digitalization of the economy. Yet, this unprecedented growth of digital technology brought novel challenges to the labour market. Rise in income inequalities and precarious working conditions or polarization of jobs. In this essay, we try to assess what tools to use to counter these trends.
Post-pandemic future of work - How does digitization impact labour?
What made the false assumption that saving the economy at all cost during a pandemic so popular? This paper discusses different pathways through the COVID-19 pandemic at national and international level, and their consequences on the health of citizens and their economies.
How not to save the economy? The interplay of economics and health during the COVID-19 pandemic
The first keynote speech was given by Sebastian Dullien, current spokesperson of FMM and who is one of the most well-known German economists in applied European economics and a very active contributor to the pluralist debate. Sebastian discusses the strategy of “running with the pack” by using orthodox methods to disseminate pluralist economics and politics. Referring to diverse examples Sebastian addresses the pros and cons of “running with the pack” and proposes alternative approaches to achieve more pluralism in economics.
How to promote alternative macroeconomic ideas: Are there limits to running with the (mainstream) pack?
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
In the inspiring interview on Economics of Care, Nancy Foblre takes a closer look to the consequences of the marketization of caring activities on those activities and on the societal organization of care. Folbre elaborates on how to value care and how this shifts the perspectives on living standards. She points to the fact, that caring activities are undervalued both in the market sphere and within the family and thereby questions the division between those spheres. Lastly, Folbre answers the question how to reteach Economics when accounting for caring activities.
The Economics of Care
This video animates part of the talk “On Economics” by Ha-Joon Chang in which he states that economics is not a science for experts but for everyone. Chang further argues why it is important to take into account different perspectives on economics – he identifies at least nine school of thoughts which all have their strengths and weaknesses and presents examples on free trade and well-being. Chang further elaborates on the difficulties of changing the economic status quo.
Economics Is For Everyone!
Developmental economics
The roots of dependency theory
Recovery from the Covid-19 crisis provides a chance to implement economic measures that are also beneficial from environmental and social perspectives. While ‘green’ recovery packages are crucial to support economies tracking a low-carbon transition in the short-term, green measures such as carbon pricing are also key to improving welfare in the long-term. This commentary specifies the need for carbon pricing, outlines its implications for our everyday lives, and explains how it works alongside value-based change in the context of climate action and societal well-being.
Carbon Pricing: The Key to Open the Way Toward a Sustainable Recovery and Long-Term Wellbeing
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
In this radio program, the anthropologist David Graeber, explores the history of debt in (currently) 12 episodes. The program is based on his book Debt: The First 5000 Years. First, Graeber asks the questions of how debt and money are characterized, which meaning and roles they had in different historic episodes and how they were interrelated. In the most recent episodes, Graeber elaborates on how debt shaped society. He argues that debt had a different moral status in different times of history, one session analyses the current financial and economic crisis and the role of credit in this historical context.
Promises, Promises: A history of debt
The Sufficiency Policy Map is an online tool for initiatives, political actors, organisations and individuals. It provides recommendations, strategies and communication tools for realizing projects and policy around the topic sufficiency. Sufficiency projects have the aim to reduce one's own ecological footprint.
Sufficiency Politics Map
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
The premise of this workshop is that we, as knowledge producers - especially within westernized universities (Grosfoguel, 2013), are significantly implicated in neoliberal imaginaries that are often in service of hierarchical, binary, competitive and linear narratives of growth as civilizational progress.
Decolonizing Economics
This course is designed to provide students with an understanding of work-related gender issues and to enable students to analyze the issues using the tools of economics.
Women, Men, & Work
Tejashree Dewoolkar Sujatha Padmanabhan Ashik Krishnan Extraordinary work of ordinary people Vikalp sangam
Pandemic resilience in North East India
This article demonstrates Schumpeter s propagated approach to monetary analysis in macroeconomics so as to provide for a better understanding of the relation between finance and growth Peter Bofinger Lisa Geißendörfer Thomas Haas Fabian Mayer voxEU
Discovering the 'true' Schumpeter: New insights on the finance and growth nexus
From the perspective of mainstream theory the effectiveness of monetary policy in bringing down inflation depends on two very important equations the aggregate demand equation and the infamous Phillips Curve Without these it becomes more difficult or rather impossible for central banks to carry out monetary policy and obtain the …
Monetary Policy and the Phillips Curve
This text provides an overview of feminist perspectives on various kinds of work and reproductive labour. The authors start at the intersection of Marxism and Feminism. They, then, give a historical background on the United States feminist movement. They, finally, provide alternative perspectives on work and reproductive labor that are not based on Marxist Feminist theory.
Feminist Perspectives on Class and Work
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
An Introduction to the Political Theory of John Maynard Keynes. John Maynard Keynes was arguably the greatest economist of the 20th century. He discovered the idea that governments should stimulate demand during economic downturns.
An Introduction to the Political Theory of John Maynard Keynes
Peter Boettke, Professor of Economics and Philosophy at George Mason University, talks about the history and the main methodological and epistemological tenets of the Austrian school. He argues that good economics is the mainline tradition of "squaring rational choice with the invisible hand theorem through institutional analysis".
The Austrian Tradition in Economics
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