RETHINK
ECONOMICS
RETHINK
ECONOMICS
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315 results

2021
Level: advanced
Central banks have once again proven to be the first line of defense in crisis-ridden times. With their far reaching actions they prevented the world from experiencing a collapse of financial markets on top of the severe health and economic crisis caused by Covid-19.
2017
Level: beginner
Due to the economic crisis of 2008/2009, households faced drastic decreases in their incomes, the availability of jobs. Additionally, the structure of the labour market changed, while austerity measures and public spending cuts left households with less support and safeguards provided by the state. How have these developments affected the burden of unpaid labour and what influence did this have on gender relations?
2020
Level: beginner
As the Covid-19 fueled economic downturn begins to intensify this winter, an extended study of the Italian cooperative sector’s historical resilience in times of crisis can serve as a learning experience for other countries seeking to create policies that foster more stable economies, with job security, care for marginalized communities and adequate counter-cyclical policies. Particularly, the Italian cooperative sector’s contributions to three aspects should be noted in closing. Firstly, the innovative phenomenon of cooperative enterprises has contributed to social inclusion of immigrant communities, the activation of youth, the unemployed and people with disabilities, a true compensation for both a market and state failure. Secondly, they have contributed to a reduction in income and wealth inequalities at a time when the issue of inequality is of global significance. Thirdly, the Italian cooperative movement has helped local communities revitalize in the face of demographic shifts and rendered them more resilient to the ravages of globalization. Each of these in their own right is a remarkable achievement.
2011
Level: beginner
Based on a critique on econometric and DSGE models (in particular in the context of the financial crisis), Doyne Farmer presents his current research programme that aims at building an agent-based model of the financial and economic crisis. It models heterogeneous agents and from there simulates the economy, firstly for the housing market. The interview gives a short insight in the research programme.
2013
Level: beginner
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.
2015
Level: beginner
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.
2017
Level: advanced
Since the beginning of the twenty-first century, there has been an unprecedented move towards 'rethinking economics' due to the damages generated by the global financial crisis that burst in 2007-2008. Almost a decade after this crisis, policy is still unable to provide all citizens greater wellbeing or at least an encouraging economic future.
2019
Level: beginner
Today it feels like everybody is talking about the problems and crises of our times: the climate and resource crisis, Greece's permanent socio-political crisis or the degrading exploitative practices of the textile industry.
2021
Level: beginner
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?
 
Marxian Political Economy focuses on the exploitation of labour by capital. The economy is not conceived as consisting of neutral transactions for exchange and cooperation, but instead as having developed historically out of asymmetric distributions of power, ideology and social conflicts.
2020
Level: beginner
How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone's guess. But even if the pandemic's economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front lines of the outbreak.
2020
Level: beginner
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.
2018
Level: beginner
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.
2020
Level: advanced
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
2014
Level: advanced
The book deals with the financial instability hypothesis of Hyman P. Minsky and its application to current developments. The first part of the work summarizes the hypothesis and mentions works elaborating the hypothesis. The second part applies the hypothesis to the financial crisis 0f 2008/09.
2020
Level: beginner
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.
2021
Level: beginner
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.
2021
Level: beginner
The idea of a Green New Deal was launched into popular consciousness by US Congressperson Alexandria Ocasio-Cortez in 2018. Evocative of the far-reaching ambitions of its namesake, it has become a watchword in the current era of global climate crisis. But its new ubiquity brings ambiguity: what - and for whom - is the Green New Deal?
2018
Level: beginner
MERCOSUR (Mercado Común del Sur or Common Southern Market) was the first formalized attempt to integrate South American countries economically and politically.
2010
Level: beginner
David Harvey illustrates the five most common narratives on why the financial and economic crisis took place – from human frailty to policy failure.
2022
Level: beginner
Green Growth has been increasingly discussed as a solution to the socio-ecological crisis. But can economic growth be sustainable at all?
2022
Level: beginner
Aim of this intensive workshop is 1.) to introduce the participants to the macroeconomic workings of the climate crisis as the background of sustainable finance; 2.) to introduce financial assets with ESG (Environmental, Social and Governance) criteria attached to them and their markets and important institutional players; 3.) to provide a critical perspective on the current setup of sustainable finance; 4.) and to work on in-depth case studies illustrating the workings on ESG-finance markets, its emitters and traders as well as their macroeconomic implications.
2009
Level: advanced
Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis
2012
Level: beginner

In the graveyard of economic ideology, dead ideas still stalk the land.

The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe.

2018
Level: advanced
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being.
2022
Level: expert
"Leveraged" provides an authoritative guide to the new economics of our crisis-filled century with a focus on financial crises and financial economics.
2018
Level: beginner
The workshop introduces into the field of critical political economy and tries to identify the role of finacial markets in capitalism, the reason for financial crises and the relevance of Marx in regard to these topics.
2020
Level: beginner
In this interview, the political activist, author and lecturer Dr. Vandana Shiva explains the linkage between ecology, feminism and economics along the lines of current effects and implications of the Corona-Crisis in India and around the world.
2016
Level: advanced
Since the 1980s, the financial sector and its role have increased significantly. This development is often referred to as financialization. Authors working in the heterodox tradition have raised the question whether the changing role of finance manifests a new era in the history of capitalism. The present article first provides some general discussion on the term financialization and presents some stylized facts which highlight the rise of finance. Then, it proceeds by briefly reviewing the main arguments in the Marxian framework that proposedly lead to crisis. Next, two schools of thought in the Marxian tradition are reviewed which consider financialization as the latest stage of capitalism. They highlight the contradictions imposed by financialization that disrupt the growth process and also stress the fragilities imposed by the new growth regime. The two approaches introduced here are the Social Structure of Accumulation Theory and Monthly Review School. The subsequent part proceeds with the Post-Keynesian theory, first introducing potential destabilizing factors before discussing financialization and the finance-led growth regime. The last section provides a comparative summary. While the basic narrative in all approaches considered here is quite similar, major differences stem from the relationship between neoliberalism and financialization and, moreover, from the question of whether financialization can be considered cause or effect.
2019
Level: advanced
How exactly are persisting social inequalities and the operations of modern finance connected? Adam Tooze provides a detailed answer to a still relevant problem by focusing on the Great Financial Crisis and the role of the finance industry in the USA.
2021
Level: advanced
This essay analyses how the role of central banks changed since the global financial crisis, and how this directional change was accelerated by the outbreak of Covid-19.
2021
Level: beginner
The British historian, Adam Tooze, highlights how the climate crisis is not just an environmental or ecological problem but also a political economy challenge.

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