To prevent the coronavirus shock to demand precipitating a long-lasting depression, government needs to become short-term payer of last resort.
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.
Understanding international trade is central to economics and is currently a hot political issue. It’s an area where popular perceptions of mainstream economics are low, since they have historically missed some important downsides of trade agreements, especially the hollowing out of former manufacturing hubs in the Western world. et economists have for long time had a theory of trade with an impressive amount of scientific clout behind it: the gravity trade model.
Economists like to base their theories on individual decision making. Individuals, the idea goes, have their own interests and preferences, and if we don’t include these in our theory we can’t be sure how people will react to changes in their economic circumstances and policy. While there may be social influences, in an important sense the buck stops with individuals. Understanding how individuals process information to come to decisions about their health, wealth and happiness is crucial. You can count me as someone who thinks that on the whole, this is quite a sensible view.
In this podcast, Professor Darrick Hamilton critically discusses how current neoliberal economic models uphold a systemically racially unjust structure of economies.
Could working less make people and the planet better off? Find out in this dossier by exploring the landscape of working time reduction policies and their potential for reimagining, restructuring, and redistributing time as a political resource in the 21st century economy.
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?
This lecture of the anthropologist David Graeber gives a brief introduction to the thoughts of his 2011 published book Debt: The First 5000 Years.
Pluralism includes mainstream economics. Our campaign for pluralism, including this series, have generally focused on ideas outside the mainstream on the basis that it gets plenty of attention already so we want to spend our time exposing people to alternatives. Nevertheless, mainstream ideas deserve some attention. On top of this, a curious feature of modern economics education is that some of the best ideas from mainstream economics are not even taught to undergraduates! During this series I will explore such ideas, starting today with the market construction technique known as ‘matching’.
Dr. Katherine Trebeck explains some reasons why we should believe the future of the economy should be a wellbeing economy.
This Perspective argues that ergodicity — a foundational concept in equilibrium statistical physics — is wrongly assumed in much of the quantitative economics literature. By evaluating the extent to which dynamical problems can be replaced by probabilistic ones, many economics puzzles become resolvable in a natural and empirically testable fashion.
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
“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.
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.
A pithy, stimulating debate between three great economists on the heterogeneous character of economic thought
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.
Many economists refer to economic growth as a cake that is supposed to grow for the benefit of all.
Dr Murieann Quigley (Senior Lecturer in Biomedical Ethics and Law, University of Bristol) discusses the ethics of nudging and whether it matters that third parties construct the context in which you make your decisions.
After a brief illustration of sovereign green bonds’ features, this paper describes the market evolution and identifies the main benefits and costs for sovereign issuers. The financial performance of these securities is then analysed.
This course will survey contemporary heterodox approaches to economic research, both from a microeconomic and a macroeconomic perspective. Topics will be treated from a general, critical, and mathematical standpoint.
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 …
The usual background and distinctions between complexity and neoclassical economics are presented Neoclassical economics deals with perfectly rational representative agents this creates states of equilibrium On the other hand complexity economics relaxes these assumptions to deal with responsive agents in an uncertain dynamic environment this creates states of disequilibrium More …
This workshop offers an introduction to Degrowth and Ecological Economics. It starts by surveying the socio-ecological crisis and its pseudo-solutions, and then moves to Ecological Macroeconomics as a relatively recent field of scholarship within Ecological Economics.
This lecture by Alana Lentin offers a very useful primer on the concept of racial capitalism, which can be employed as a conceptual framework to understand the mutual nature of racialisation and capitalist exploitation, as well as can set off further contemporary discussions e.g. about climate and care crises.
Is degrowth bad economics To properly answer this question it is essential to understand what economic growth really is The term growth is often associated with an increase in wealth a term loosely defined but according to the degrowth movement economic growth is a narrower concept only describing an increase …
Tetteh Hormeku-Ajei, member of the Post-Colonialisms Today Working Group, provides insight on the history of primary commodity export dependence in Africa, and relates it to the difficulties African governments are facing finding necessary resources to tackle the COVID-19 pandemic.
Yao Graham, coordinator of Third World Network- Africa, reflects on lessons learned from past Economic Partnership Agreements (EPAs), specifically as they relate to the Post-Cotonou Agreement.
Post-Colonialisms Today researchers Kareem Megahed and Omar Ghannam explain how early post-independence Egypt sought economic independence via industrialization.
In this article, Jihen Chandoul discusses the importance of food sovereignty in Africa, reflecting on the continent’s early post independence movements for self sufficiency.
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.
Florian Kern replies to Zoltan Pozsar's analysis about the effects of the war in Ukraine on the global financial order and refutes the latter's prognosis of the demise of the US dollar as the world's reserve currency
The goal of this course is to explore these differences in economic outcomes observed among women and men, measured by such things as earnings, income, hours of work, poverty, and the allocation of resources within the household. It will evaluate women’s perspectives and experiences in the United States and around the world, emphasizing feminist economics.