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In this keynote lecture during the conference „The Spectre of Stagnation? Europe in the World Economy“, Till van Treek presents research on how changes in income distribution lead to macroeconomic instability and crisis, focusing on currents accounts. Treek presents the relative income hypothesis in contrast to other mainstream and Post-Keynesian explanations. The relative income hypothesis proposes that aggregate demand increases and savings decrease with rising personal income inequality due to upward looking status comparison – but effects depend on the quantile where income inequality increases. Treek points to the importance of accounting for both income and functional income distribution and underlines his arguments with data comparing different pattern in Germany and the U.S. 2015 Level: expert Macroeconomics of inequality & instability - Inequality, imbalances and the crisis Till van Treeck IMK The goal of the class is to acquire familiarity with recently-published research in alternative macroeconomics with a focus on the distribution of income and wealth, cyclical growth models, and technical change. 2021 Level: beginner Theory Seminar Macro-Distribution Daniele Tavani Exploring Economics The definition of a chi-square distribution is given. Chi-square is defined as the sum of random normally distributed variables (mean=0, variance=s.d.=1). The number of added squared variables is equal to the degrees of freedom. With more degrees of freedom the probability of larger chi-square values is increased. 2011 Level: beginner Chi-square distribution introduction   Khan Academy The paper gives a comprehensive overview of challenges facing energy transmission and distribution networks in the UK in the wake of the green transition and makes the case for public ownership. 2023 Level: beginner Grid is Good: The Case for Public Ownership of Transmission and Distribution Common Wealth Common Wealth Modern authors have identified a variety of striking economic patterns, most importantly those involving the distribution of incomes and profit rates. In recent times, the econophysics literature has demonstrated that bottom incomes follow an exponential distribution, top incomes follow a Pareto, profit rates display a tent-shaped distribution. This paper is concerned with the theory underlying various explanations of these phenomena. Traditional econophysics relies on energy-conserving “particle collision” models in which simulation is often used to derive a stationary distribution. Those in the Jaynesian tradition rely on entropy maximization, subject to certain constraints, to infer the final distribution. This paper argues that economic phenomena should be derived as results of explicit economic processes. For instance, the entry and exit process motivated by supply decisions of firms underlies the drift-diffusion form of wage, interest and profit rates arbitrage. These processes give rise to stationary distributions that turn out to be also entropy maximizing. In arbitrage approach, entropy maximization is a result. In the Jaynesian approaches, entropy maximization is the means. 2019 Level: advanced The Econ in Econophysics Anwar Shaikh New School for Social Research, Department of Economics Could the Brazilian measures of income support carried out during 2020 be considered one way towards UBI? This questions is broadly addressed in the video. 2020 Level: beginner Brazil and Basic Income & Covid Lena Lavinas and Leandro Ferreira Basic Income Earth Network BIEN What is universal basic income? This video gives a first, short introduction. 2016 Level: beginner What is Universal Basic Income? Anthony Painter The RSA Within the heterodox field one of the most active topics is related to the theory of economic growth and distribution This is a textbook for advance undergraduate and graduate students Throughout its 18 chapters Classical Neoclassical and post Keynesian models are developed Each chapter contains study problems and suggested readings … 2019 Level: expert Growth and Distribution Duncan K. Foley, Thomas R. Michl, Daniele Tavani Harvard University Press Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods. 2020 Level: advanced Impact of FDI on economic growth: The role of country income levels and institutional strength Tamar Baiashvili, Luca Gattini European Investment Bank In this lecture, Branko Milanovic gives an overview of the concept of inequality as conceptualized within the classical school of thought. 2020 Level: beginner Income Inequality in Quesnay, Smith, Ricardo and Marx (Part 1: Quesnay, Smith) Branko Milanovic Youtube From religious leaders to heads of state, everyone is talking about economic inequality. What form can such inequality take in different countries? What impact does it have on society? And why should it matter to you? Level: beginner Challenging Wealth and Income Inequality Jerome De Henau; Jonqil Lowe Open University 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. 2017 Level: beginner Why current definitions of family income are misleading, and why this matters for measures of inequality Nancy Folbre Equitable Growth Blog What the heck is the yield curve? And why is it considered a powerful predictor of economic crisis? Here you'll get to know. 2015 Level: beginner Killik Explains: Fixed Income Basics - the yield curve Tim Bennett Killik & Co. The outbreak of COVID-19 has substantially accelerated the digitalization of the economy. Yet, this unprecedented growth of digital technology brought novel challenges to the labour market. Rise in income inequalities and precarious working conditions or polarization of jobs. In this essay, we try to assess what tools to use to counter these trends. 2021 Level: beginner Post-pandemic future of work - How does digitization impact labour? Neha Chauhan, Miguel Corredera, Krystian Lukasik, Filipa Reis Exploring Economics This book highlights the political economy of wealth and income inequality in Latin America. The author segments his analysis to separately evaluate the economic, social, and political costs of inequality building on country case studies. It draws well-contextualized lessons from the Latin American experience that is important to consider for other regional contexts, especially for social policies of nations within the 'Middle Income Trap'. 2020 Level: beginner The Costs of Inequality in Latin America Diego Sánchez-Ancochea Bloomsbury Academic Eckhard Hein criticises the mainstream's view of secular stagnation as the result of a negative real equilibrium interest rate. Arguing in a Keynesian spirit with particular reference to Steindl, secular stagnation is considered to be a result of shift in the functional income distribution, and oligopolistic organisation of industries, leading to excess capacity and reluctance to invest. This acts as a drag on effective demand and results in secular stagnation. Distributional policies and public investment can, however, overcome stagnation its tendencies. 2015 Level: advanced Secular Stagnation or stagnation policy? Steindl after Summers Eckhard Hein IMK Mainstream economics almost completely ignores the role power plays in determining economic outcomes, which means it can only provide partial explanations of the distribution of wealth and income, and of the problems associated with inequality and poverty. 2016 Level: advanced Power and Neoclassical Economics Ozanne, Adam Palgrave Pivot The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and it will provide a simple short-run model which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into heterodox/post-Keynesian approaches towards distribution and growth. 2015 Level: advanced The principle of effective demand: Marx, Kalecki, Keynes and beyond Eckhard Hein Institute for International Political Economy Berlin The chi-square distribution is used to test a hypothesis. Therefore, expected values are related to observed values using a chi-square distribution. Then using p-value tables the hypothesis is tested at a 5% significance level. 2010 Level: beginner Pearson's chi square test (goodness of fit) | Probability and Statistics | Khan Academy   Khan Academy In this essay the authors take a look at how welfare could be provided in a degrowth society. 2019 Level: beginner Bidding farewell to growth: How to provide welfare in a degrowth society Johanna Hopp and Laura Theuer Exploring Economics The Covid-19 pandemic has laid bare the deep structural rifts in modern capitalist economies. It has exposed and exacerbated the long-lasting systemic inequalities in income, wealth, healthcare, housing, and other aspects of economic success across a variety of dimensions including class, gender, race, regions, and nations. This workshop explores the causes of economic inequality in contemporary capitalist economies and its consequences for the economy and society in the post-pandemic reality, as well as what steps can be taken to alleviate economic inequality in the future. Drawing from a variety of theoretical and interdisciplinary insights, the workshop encourages you to reflect on your personal experiences of inequality and aims to challenge the way in which the issue is typically approached in economics. 2022 Level: beginner Inequality in the Post-pandemic Era Hanna Szymborska Summer Academy 2022 for Pluralist Economics 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     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. Level: beginner Economics of Gender Dr. Erin George Hood College 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     Why are income inequalities so large and why do they continue to increase in so many countries? What role can minimum wages play in reducing social and economic inequalities? What is a good system of wage bargaining? What constitutes a fair wage? Level: beginner Fair Wage Strategies in a Global Economy Hansjörg Herr, Maité Llanos, Gilad Isaacs, Susan Hayter, Patrick Belser, Mary Bellman, Luis Campos, Frank Hoffer Global Labour University This chapter by the Centre of Economy Studies provides a map through the complex jungle of economic theories. It provides key insights and ideas for thirteen core topics in economics, organised by selecting the most relevant theoretical approaches per topic and contrasting them with each other. 2021 Level: beginner Pragmatic Pluralism Sam de Muijnck and Joris Tieleman Economy Studies Mainstream inflation theories in economics do little to explain the recent acceleration in price increases. The associated economic policy recommendations further increase the misery of low-income groups. 2023 Level: beginner The inflation conundrum Thomas Sablowski Exploring Economics This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time. 2012 Level: advanced Monetary Economics W. Godley, M. Lavoie Palgrave Macmillan UK 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. 2020 Level: beginner How to strengthen the social economy Jerome Warren Exploring Economics The economist Thomas Piketty presents a central argument of his book Capital in the Twenty-First century: if the rate of return to capital generally exceeds an economy's growth rate, this leads to a higher concentration of wealth in the long run. He furthermore shows with historical data how wealth and income inequality increased within the past decades. 2014 Level: advanced New thoughts on capital in the twenty-first century Thomas Piketty TED Talks In her short contribution, the author questions how the value of goods and services is shaped in current neoclassical teaching. She criticizes the principle of pricing based on marginal income. She discusses what can be called wealth generating, what kind of wealth we need and points out a lack of a value theory. 2018 Level: advanced Takers and Makers: Who are the Real Value Creators? Mariana Mazzucato Evonomics Although sometimes used as synonyms, economic growth and economic development refer to different processes. While economic growth refers to an increase in real national income and output (i.e., GDP growth rate), economic development refers to an improvement in the quality of life and living standards (i.e., life expectancy). 2018 Level: beginner Could gender equality help the economy? Ximena Perez Pluralist Economics Fellowship

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