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This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
By conducting a discourse analysis (SKAD) in the field of academic economics textbooks, this paper aims at reconstructing frames and identity options offered to undergraduate students relating to the questions ‘Why study economics?’ and ‘Who do I become by studying economics?’. The analysis showed three major frames and respective identity offerings, all of which are contextualized theoretically, with prominent reference to the Foucauldian reflection of the science of Political Economy. Surprisingly, none of them encourages the student to think critically, as could have been expected in a pedagogical context. Taken together, economics textbooks appear as a “total structure of actions brought to bear upon possible action” (Foucault), therefore, as a genuine example of Foucauldian power structures.
The power of economic textbooks: A discourse analysis
Does Karl Polanyi's work “The Great Transformation” serve to analyse the current multiple crisis and social movements? Nancy Fraser revises Polanyi's concept of a double movement to capture social forces in the aftermath of the economic crisis of the 1930s – on the one side marketization and on the other hand social protection. Fraser proposes to talk about a triple movement and to account for emancipatory struggles. In the lecture, she discusses interactions as well as conflicts between those three forces, in particular conflicting aims of social protection. The lecture presents the content of her paper “A TRIPLE MOVEMENT? Parsing the Politics of Crisis after Polanyi“ in the New Left Review (2013).
Crisis of Capitalism, Crisis of Governance: Re-reading Karl Polanyi in the 21st Century
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.
Consumption demand in Marx, his crisis theories and in the current crisis
With the onset of an economic crisis that has been universally acknowledged since the end of March, two main questions arise: To what extent is the corona pandemic the starting point (or even the cause) of this crisis? And secondly: can the aid programmes that have been adopted prevent a deep and prolonged recession?
Economic crisis only because of the Corona pandemic?
This chapter by the Centre for Economy Studies explores how courses on the history of economic thought and methods could look if they were pluralist and interdisciplinary.
Rethinking the History of Economic Thought & Methods
The Philosophy of Economics Foundational Text provides a systematic and well-structured overview over the field of philosophy of economics.
Philosophy of Economics
The chapter by the Centre for Economy Studies introduces interdisciplinary economic subdisciplines and their importance for economics education.
Interdisciplinary Economics
Departing from an analysis of women's employment and changing gender regimes in the pre crisis period, Jill Rubery illustrates how the crisis affects men's and women's employment differently. Afterwards, she discusses the crisis' impact on gender relations. Based on empirical findings, she shows how men were more affected by the recession and women more by austerity and presents possible explanations. Those are furthermore linked to women's employment decisions and prevalent gender regimes. In particular, Rubery discusses cut backs in public spendings on care, flexibilization and the role of conservative gender ideologies.
Economic crisis and austerity: challenges to gender equality
This is an overview of (possibly transformative) proposals to address the economic consequences of the corona crisis
Overview of proposals to combat the economic consequences of the Corona crisis
In this episode of Jacobin radio, James K. Galbraith elaborates on the economic policies for the corona crisis, and Aaron Benanav on the crisis of unemployment. James K Galbraith also discusses why the economy as currently organized has been unable to deal with the challenges of the pandemic.
Jacobin Radio: economic policies for the corona crisis
Maria Kader provides an overview of the ECB's crisis policies in recent years. She outlines the measures taken, their effects, and their shortcomings.
The European Central Bank in a State of Crisis: Policies, Effects and Downsides
This lecture by Economy Studies lays out the foundations and current state of the ecological crisis, its main drivers and who is responsible for this. It is crucial for students to develop a deeper understanding of the problem they are likely to encounter in their future careers, before getting into various economic policies or solutions to this pressing issue.
Economic Introduction to the Ecological Crisis - Economy Studies
Institutional economics focuses on the role of social institutions in terms of laws or contracts, but also those of social norms and patterns of human behaviour that are connected to the social organisation of production, distribution and consumption in the economy.
Institutionalist Economics
In this essay, the author takes a critical perspective on the pursuit of growth as the solution for providing for environmental sustainability and economic stability in the countries of Central and Eastern Europe.
Drawing from the framework of dependency theory and presenting brief insights into European core-periphery relations the author then argues for the implementation of an alternative strategy to development that is built around the concept of self-reliance.
Dependency in Central and Eastern Europe - Self-reliance and the need to move beyond economic growth
A concise introduction to Marx's Labour Theory of Value, the three ratios and the falling rate of profit hypothesis.
Marx's Theory of Economic Crisis
The article addresses the current debate on democratic economic planning and the question of how and by which instruments a post-capitalist planning system, embedded in a broader agenda of macroeconomic transformation, can be developed.
On Democratic Economic Planning and Macroeconomic Transformation
This article reviews insights of existing literature on global care chains. A specific focus is laid on the impact that the refugee crisis has on global care chains and in turn how the crisis impacts the de-skilling of the women in the migrant workforce.
Global care chains, refugee crisis, and deskilling of workers
The module is designed to first present some of the main schools of thought from a historical and methodological perspective. Each week we explore and critically assess the main tenants of each school of thought. In the second part of the module we link history of economic thought and methodology to a specific and contemporary economic question. The second part allows you to engage with current economic issues with an awareness of methodology and methodological differences and with some knowledge of the history of economics.
History of Economic Thought
In spite of the manifold critique about the state of economics in the aftermath of the financial crisis, an even increasing presence of economists and economic experts can be observed in the public sphere during the last years. On the one hand this reflects the still dominant position of economics in the social sciences as well as the sometimes ignorant attitude of economists towards findings of other social sciences. On the other hand this paper shows that the public debate on politico-economic issues among economists is dominated by a specific subgroup of economists, tightly connected to an institutional network of “German neoliberalism”. This group of “public economists” (i) is dominant in public debates even after the financial crisis, (ii) reproduces the formative German economic imaginary of the Social Market Economy in a German neoliberal interpretation and (iii) has a good access to German economic policymaking, rooted in a long history of economic policy advice.
Still the queens of social sciences? (Post-)Crisis power balances of “public economists” in Germany
Post-Keynesians focus on the analysis of capitalist economies, perceived as highly productive, but unstable and conflictive systems. Economic activity is determined by effective demand, which is typically insufficient to generate full employment and full utilisation of capacity.
Post-Keynesian Economics
Complexity economics focuses on interactions and interdependencies between individuals and structures in economic systems. Those are systems of organised complexity. High importance is given to the analysis of networks.
Complexity Economics
Even if men were perceived as the main protagonists of the Greek crisis, the crisis had a deep impact on disadvantaged groups, in particular migrant women working as domestic labourers. The debate presents the particular impact on migrant women of the downturn and furthermore discusses how migrant struggles and other emancipatory movements impacted the politics of crisis. The first minutes of the video are in German, but the moderator switches to English.
Invisible women? Crisis, gender and migration in Greece 2015
Economics After the Crisis is an introductory economics textbook, covering key topics in micro and macro economics. However, this book differs from other introductory economics textbooks in the perspective it takes, and it incorporates issues that are presently underserved by existing textbooks on the market. This book offers an introduction to economics that takes into account criticisms of the orthodox approach, and which acknowledges the role that this largely Western approach has played in the current global financial and economic crisis.
Economics After the Crisis
Approaching the law of nature that determines all forms of economy. The bulk of economic theory addresses the economic process by setting out on a catalogue of aspects, seeking the laws in the aspects and hoping to get together a reliable view of the whole.
Economic theory, methodology, and secure foundations
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis.
Rethinking the Financial Crisis
Whether a black swan or a scapegoat, Covid-19 is an extraordinary event. Declared by the WHO as a pandemic, Covid-19 has given birth to the concept of the economic “sudden stop.” We need extraordinary measures to contain it.
Triggering a Global Financial Crisis: Covid-19 as the Last Straw
A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
Mathematical Economics in the 19th Century
Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid.
Finance and Crisis: Marxian, Institutionalist and Circuitist approaches
Dirk Bezemer exemplary presents pattern of the U.S. economy before the 2007 economic crisis and explains how due to those pattern the crisis could have been, unless not precisely predicted, yet anticipated.
Prof Dirk Bezemer on 2007/2008 Financial Crisis
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.
What economics education is missing: The real world
Crises are a key part of the history of the global economy. This lesson by Economy Studies introduces students to the crisis management theories of John Maynard Keyens by presenting them in the historical context of the Great Depression, the Post-War increase in the state in managing the economy, and the Energy Crisis of the 1970s.
How to get away with a crisis? - Economy Studies
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