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948 results
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
Overview page for the collection of nobel laureateas on Exploring Economics
It has become a contentious term in- and outside of economic policy: austerity. Allegedly the culprit behind the shortfalls of governments' reaction to the Great Financial Crisis, the policy makes for a spirited debate.
The background for the present elaboration is twofold firstly the ongoing debate about whether the Marxian theory of value has been damaged or even destroyed by the alleged impossibility of solving the transformation problem and secondly the fact that almost all of the later economic manuscripts of Marx are now …
In economics the dominant framework for exploring the structure of market economies is provided by the neoclassical school of thought. This text aims to show how neoclassical theory is used to model market mechanisms, both in particular markets and in the market economy as a whole.
John Christensen from the Tax Justice Network addresses the Modern Monetary Theory idea that governments don't need tax revenues if they want to spend money. Doing so, he sums up the main points made by MMT proponents and their critics, and shows how MMT can be reconciled with another progressive economic narrative: "Modern Tax Theory". While MMT made valuable contributions to the policy debate on fiscal policy, it misrepresents the importance of taxation as a political matter and as a way to generate public revenues. This is where MMT steps in.
"Bank Underground" is the staff blog of the Bank of England, founded to publish the views and insights of the people working for one of the world's oldest central banks. The blog covers a wide range of macroeconomic topics, mostly linked to the effects of monetary policy, of course, but not all the time. It provides timely, relevant analysis of contemporary challenges in economic policy and is thus often a perfect primer.
This course provides a simple introduction to problems that social scientists are working on (e.g. racial disparities, inequality and climate change) in a manner that does not require any prior background in Economics or Statistics.
This article makes a necessary connection between economics as an academic discipline and recent events surrounding sexual harassment in the workplace. To get justice, targets must show measurable harm: economists can help.
The article reviews the effects that the War in Ukraine will have for the global economy.
After long-time negligence, the Global South and the North-South divide are back on the agenda of development economics again. This book is a neat, accessible introduction into the topic, covering both the current situation and potential remedies from different points of view.
Marxist scholar David Harvey explains key concepts of capital from Marx. Applying Marx's analysis of capital to today's world, showing both the longevity and relevance of Marx's Capital, 150 years after its publication.
This paper provides a logical framework for complexity economics Complexity economics builds from the proposition that the economy is not necessarily in equilibrium economic agents firms consumers investors constantly change their actions and strategies in response to the outcome they mutually create This further changes the outcome which requires them …
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
The article by the European Council of Foreign Relations argues that Europe s economic actions in response to the Russian invasion into Urkaine have been decisive different from the EU s external image but that this response should yet be better institutionalized The author Hackenbroich proposes an Anti Coercion Instrument …
It is fiercely debated when exactly the growth set off and what the drivers of Indian growth were. Scott Alexander summarises some of the recent literature on this question, demonstrating that not only the liberalisation policies of the 90s might be the driver of the take-off, but potentially public investments, political developments or cultural shifts.
A concise introduction to Marx's Labour Theory of Value, the three ratios and the falling rate of profit hypothesis.
Poster of the different schools of thought made by Sergio A. Berumen. From the Greeks to late 20th and beginning of the 21th century.
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.
In this tenth lecture in INET’s “How and How Not to Do Economics,” Robert Skidelsky argues that there are two main reasons why economists should study history.
Mariana Mazzucato explains how we lost sight of what value means and why we need to rethink our current financial systems so capitalism can be steered toward a bold, innovative and sustainable future that works for all of us.
The effects of the 2020 pandemic on the Latin-American region: a thorough before-after analysis.
A remarkable and insightful tribute into the works of late Malawian development economist, Professor Thandika Mkandawire. Must read for anyone looking to broaden their scope of understanding development as it relates to the African continent.
This part is devoted to simulation experiments based on the simulation model developed in part I from the value theoretic reconstruction of the main parts of Marx s critique of Political Economy After introducing the main parameters and the range of their variation Section 1 a singular run as well …
The present working paper is dedicated to fill a void in the degrowth literature related to the aspect of planning to achieve post-growth models of societies. The authors propose a new framework that focuses on non-market forms of planning and propose multi-level planning institutions to mediate the local level with society-wide and global institutions.
Photo by Anne Nygård on Unsplash In this course you will learn all of the major principles of microeconomics normally taught in a quarter or semester course to college undergraduates or MBA students Perhaps more importantly you will also learn how to apply these principles to a wide variety of …
"Could a cooperative market economy, in which firms are owned and controlled by their workers, be a viable and efficient alternative to capitalism?"
Devine begins with an analysis of the theory and practice of capitalist planning, central planning and 'market socialism'. He argues that, while market socialism is currently favoured by many economists who reject both capitalism and the command planning of the Soviet model, it cannot fulfil the promises held out for it.
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.
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.
The core of Georgism is a policy known as the Land Value Tax (LVT), a policy which Georgists claim will solve many of society and the economy’s ills. Georgism is an interesting school of thought because it has the twin properties that (1) despite a cult following, few people in either mainstream or (non-Georgist) heterodox economics pay it much heed; (2) despite not paying it much heed, both mainstream and heterodox economists largely tend to agree with Georgists. I will focus on the potential benefits Georgists argue an LVT will bring and see if they are borne out empirically. But I will begin by giving a nod to the compelling theoretical and ethical dimensions of George’s analysis, which are impossible to ignore.
Esther Duflo discusses the fact that in social policy one cannot check the big questions, i.e. whether development assistance as an aggregate is helpful, because there is no counterfactual. She then suggests to focus on smaller questions such as what prevents or incentiveses people from immunizing their kids or whether mosquito bednets should be distributed for free. These questions can be answered by using randomized control trials as in the medical sciences. Thus, she argues, by bringing the experimental method to social policy analysis better decisions as to where allocate funds can be made.
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