This is an immensely important book for any student of social theory interested in understanding the colonial roots of a lot of contemporary thinking From a post colonial perspective Gurminder Bhambra and John Holmwood unpack how the emergence of modern society in the context of European colonialism and empire impacted …
From Marketisation to Armed Conflict Since 1991 nominally independent Ukraine has been in turmoil with the Orange Revolution and the Maidan protests marking its most critical moments Now its borders are threatened and the civil unrest and armed conflict continue to destabilise the country In order to understand these dramatic …
The Currency of Politics explains why only through greater awareness of the historical limits of monetary politics can we begin to articulate more democratic conceptions of money.
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.
What causes a recession? Told by economic historian John S. Gordon and visualized by a dancing performance, this short film focuses on emotions that are linked to recessions and recovery: fear and confidence.
This article explores if power dynamics in the household can be changed, and if so, how. In this context the focus is laid on government childcare policy and its various channels of possible influence.
A concise introduction to Marx's Labour Theory of Value, the three ratios and the falling rate of profit hypothesis.
In this TedTalk Dan O Neil explains why GDP and infinite growth are concepts that we should leave behind and which other perspectives have been developed Degrowth post growth well being or steady state economy The goal is to rethink a new paradigm that puts society and the environment at …
Marx’s theory of the falling rate of profit is not only empirically borne out, but the theory he proposed seems to describe accurately how that happens. Furthermore, the whole process is useful for understanding the history of contemporary capitalism.
Economic sociology is an entire subfield and one could write an series on it, so I’m going to stick to probably the most prominent economic sociologist and the founder of ‘new economic sociology’, Mark Granovetter.
In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency.
This course is designed to provide students with an understanding of work-related gender issues and to enable students to analyze the issues using the tools of economics.
This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki.
Economist and 2020 Balzan Prize winner for Environmental Challenges: Responses from the Social Sciences and Humanities, Joan Martínez Alier, speaks on the importance of ecological economics and its timeliness around the 2007/2008 global financial crisis. He speaks on the importance of building the field of ecological economics “from the ground up” through praxis.
Maria Nikolaidi on how Minsky’s theory has been modelled over past decades and how one can use these models in order to analyse contemporary issues such as financial fragility and financial instability caused by climate change.
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.
This talk was given at a local TEDx event, produced independently of the TED Conferences. Economic theory is centuries out of date and that's a disaster for ...
Why current definitions of family income are misleading, and why this matters for measures of inequality
What is “equitable growth” and how do we measure it? A better understanding of equitable growth—and how to measure it—can improve our understanding, inform decisions and lead to better outcomes for all.
How does fiscal policy work and which dimensions have to be considered? In this short text, you can learn about the difficulty of juggling different dimensions and which optimal rules exist at the micro and macro level.
Planet Money and The Indicator aim to explain current economic events in an easy, fun and accessible manner.
To prevent the coronavirus shock to demand precipitating a long-lasting depression, government needs to become short-term payer of last resort.
This is an online panel and discussion on the ongoing and potential gendered impacts of COVID-19 organized by the International Association of Feminist Economics (IAFFE).
Banner and Pastor debunk granted assumptions of the neoclassical theory, such as self-interested human behavior, the necessity of inequality and growth, to pull the threads between the new possible foundations of our society, "prosperity, security and community".
This is webinar series organized by the SOAS Open Economic Forum and the SOAS Economics Department with speakers from the same department as well as other academic figures.
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.
This text summarizes the content of the 2018 Nobel Prize winner W. Nordhaus. It is extended by some critical perspectives on this topic. The short dossier gives an overview of the most important texts we have read in the climate economics reading group.
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.
In this podcast, Laura Basu focuses on how capitalist markets and nation-states perpetuate structural racism.
Are there any limits to government spending? In times of war, particularly? And what about the aftermath of such special times when treasuries seemingly feel unshackled from any rules? And are those times really any special? That is what this paper is about.
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article aims to clarify how the prevailing institutional structure and its changes had contributed to or had countervailed the spread of financialization and how it had shaped the specific German variant of financialization. For this end, it combines the rich literature on Germany's institutional structure with the more macroeconomic oriented literature on financializaton. With the combination of those different perspectives the article sheds light on the reasons for the spread of financialization and the specific forms it has taken in Germany.
In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream 'New Consensus Model' (NCM), and allowing to derive a full macroeconomic policy mix as a more convincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.