Designed for both undergraduates and MBA students taking their first course in business economics, this text focuses on introducing students to economics as a framework for understanding business. It is structured around problems that decision-makers face, such as rejuvenating the firm in the face of declining demand.
Rethinking Business is a volume of thought-provoking researches that sets out to challenge the paradigm of business along the areas of governance, finance, corporate social responsibility, and sustainability.
Shadow banking became one of the main features of modern market based financial capitalism and financial globalisation. Daniel Gabor locates this development in a Super-Cycle framework and sketches out opportunities to launch a new cycle that is green and just through financial regulation and publicly organised sustainable finance.
Karl William Kapp (1910-1976) was one of the forefathers of Ecological Economics. Influenced namely by the Frankfurt School, Institutionalist Economics and Pragmatist Philosophy, he contributed to debates on the social costs of production, economic planning, sustainable development and epistemology. I
Galbraith first explores the social darwinism of Herbert Spencer and others that served as apology for the highly unequal distribution of wealth in the US at the end of the 19th century and naturalized differences in wealth by appealing to the concept of natural selection of the fittest. Then some instances of the unscrupulous business practices (i.e. robberies) of the American railroad tycoons and other business magnates are recounted. Lastly, Galbraith lines out some of the arguments of Thorstein Veblen, who delegitimized and ridiculed the business and leisure activities of the rich by putting them in the same category as predatory and ritualized practices of primitive or ancient societies.
The author identifies three principal economic phenomena, which are explained: long run productivity growth as the central driver of increasing economic activity, short-term and long-term debt cycles. The latter two are explained to some detailed with reference to money creation, central banking and long term crisis tendencies. With regards to the long run debt cycle, which leads into deleveraging and recession, some policy measures which can smoothen the crisis are discussed.
In this article, the Harvard Business Review recognizes the arguments of the Degrowth vision and gives examples of businesses that have thrived following its precepts. The authors suggest three strategies that firms should put into action to be at the forefront of this movement. The article also gives a brief overview of what the degrowth is about and its main criticisms.
"The New Classical Macroeconomics "gives an accessible, rigorous, critical account of the central doctrines of the new classical economics, without unnecessarily difficult mathematics. It focuses on four central issues: the foundation of monetary theory; monetary and fiscal policy; labour supply and business cycles; and the attack on econometric models.
Economist and politician Costas Lapavitsas: presents differing theoretical definitions of financialization, namely from Marxist and Post-Keynesian thinkers and compares their approaches. By presenting pattern and features of the economic and financial crisis, he interprets the latter as a crisis of financialization. Lapavitsas emphasizes his arguments by presenting data from the U.S. and Germany on the transformation of business, banks and households.
In this short podcast, Naomi Fowler, the Tax Justice Network's creative strategist, discusses how the laws made by those who profited from slavery and the empire and, the extractive business models of the major financial sector continue to impoverish some of the poorest nations.
The current Great Recession, the worst crisis that capitalism has faced since the Great Depression, has failed, at least so far, to generate a change in the teaching and practice of Macroeconomics. This seems bizarre as if nothing has happened and the economists are just going about doing business as usual. In light of this, the current paper attempts to address how Macroeconomics ought to be taught to students at the advanced intermediate level, which gives them an overall perspective on the subject.
The resource map contains links to a collection of resources related to the circular economy, which include videos, presentations, graphics, business case studies and articles. Many of the resources were created by the Ellen MacArthur Foundation, others are given credit where due.
The authors show how consumers, business, the Federal Reserve, and government take into account what's going on around them to make critical decisions like buying new products, building new factories, changing interest rates, or setting budget goals. The book provides a clear roadmap to understanding the whole story behind the global economy.
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.
Environmental cost-benefit analysis was developed by economists in the belief that monetary valuation of the environmental repercussions of economic activity is essential if the "environment " stands any chance of being included in government and business decisions.
Since their first emergence in the work of Paul David thirty years ago, the dual issues of Path Dependence and Lock-In have become critically important subjects in the fields of economics, sociology, and business strategy.
The webinar covers three different topics that relate to reconciling with the Indigenous people in Australia: financial resilience, childcare/child development and economic participation through business procurement. Despite showing significant strength and resilience in the face of colonial injustices, Australian Indigenous people and their families continue to be affected by past trauma.
Austrian economics focuses on the economic coordination of individuals in a market economy. Austrian economics emphasises individualism, subjectivism, laissez-faire politics, uncertainty and the role of the entrepreneur, amongst others.
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
The Great Recession 2.0 is unfolding before our very eyes. It is still in its early phase. But dynamics have been set in motion that are not easily stopped, or even slowed. If the virus effect were resolved by early summer—as some politicians wishfully believe—the economic dynamics set in motion would still continue. The US and global economies have been seriously ‘wounded’ and will not recover easily or soon. Those who believe it will be a ‘V-shape’ recovery are deluding themselves. Economists among them should know better but are among the most confused. They only need to look at historical parallels to convince themselves otherwise.
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
The general idea of a Job Guarantee (JG) is that the government offers employment to everybody ready, willing and able to work for a living wage in the last instance as an Employer of Last Resort. The concept tackles societal needs that are not satisfied by market forces and the systemic characteristic of unemployment in capitalist societies. Being a central part of the Modern Monetary Theory (MMT), attention for the JG concept rose in recent years.
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.
One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system.
The goal of the class is to acquire familiarity with recently-published research in alternative macroeconomics with a focus on the distribution of income and wealth, cyclical growth models, and technical change.
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.
This paper is a product of an online workshop held in Nigeria on the topic Unemployment: Policy Review and Recommendations. It explores the various unemployment policies introduced by the Nigerian Government and analysis how effective they are and suggests some practicable solutions to solving unemployment problems in the country. The workshop was organized by Rethinking Economics The Uploaders (RETU) as part of the project Solving the Major Economic Problem in Nigeria (SMEPN), an output of the Global Pluralist Economics Training (GPET). More details here: https://www.retheuploaders.org/programs/SMEPN
What’s inflation? Why is it relevant? And is there an agreed theory about its roots and causes, or is it a contentious concept? That’s what this text is all about: We define what inflation actually means before we delve into the theoretical debate with an interdisciplinary and pluralist approach: What gives rise to it, what factors might influence it, and, consequently, what might be done about it?
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.
The notion that the demand and supply side are independent is a key feature of textbook undergraduate economics and of modern macroeconomic models. Economic output is thought to be constrained by the productive capabilities of the economy - the ‘supply-side' - through technology, demographics and capital investment. In the short run a boost in demand may increase GDP and employment due to frictions such as sticky wages, but over the long-term successive rises in demand without corresponding improvements on the supply side can only create inflation as the economy reaches capacity. In this post I will explore the alternative idea of demand-led growth, where an increase in demand can translate into long-run supply side gains. This theory is most commonly associated with post-Keynesian economics, though it has been increasingly recognised in the mainstream literature.
Modern Monetary Theory (MMT) is a school of monetary and macroeconomic thought that focuses on the analysis of the monetary and credit system, and in particular on the question of credit creation by the state.
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.