One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system. 2020 Level: beginner Minsky’s Moments Cahal Moran Rethinking Economics How countries achieve long-term GDP growth is up there with the most important topics in economics. As Nobel Laureate Robert Lucas put it “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.” Ricardo Hausmann et al take a refreshing approach to this question in their Atlas of Economic Complexity. They argue a country’s growth depends on the complexity of its economy: it must have a diverse economy which produces a wide variety of products, including ones that cannot be produced much elsewhere. The Atlas goes into detail on exactly what complexity means, how it fits the data, and what this implies for development. Below I will offer a summary of their arguments, including some cool data visualisations. 2020 Level: beginner GDP Growth: It’s Complicated Cahal Moran Rethinking Economics In the history of the social sciences, few individuals have exerted as much influence as has Jeremy Bentham. His attempt to become “the Newton of morals” has left a marked impression upon the methodology and form of analysis that social sciences like economics and political science have chosen as modus operandi. 2020 Level: advanced Bentham’s Two Sovereign Masters - Examining Bentham’s Influence on the Social Sciences Jerome Warren Exploring Economics This video provides a brief introduction to post-keynesian economics and how the school of thought would tackle climate change. 2020 Level: beginner Clips on Climate: Postkeynesian Economics Henrika Meyer Rethinking Economics 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 If there’s one method economists have neglected the most, it’s qualitative research. Whereas economists favour mathematical models and statistics, qualitative research seeks to understand the world through intensive investigation of particular circumstances, which usually entails interviewing people directly about their experiences. While this may sound simple to quantitative types the style, purpose, context, and interpretation of an interview can vary widely. Because of this variety, I have written a longer post than usual on this topic rather than doing it a disservice. Having said that, examples of qualitative research in economics are sadly scant enough that it doesn’t warrant multiple posts. In this post I will introduce qualitative research in general with nods to several applications including the study of firm behaviour, race, Austrian economics, and health economics. More than usual I will utilise block quotes, which I feel is in the spirit of the topic. 2020 Level: beginner Qualitative Methods in Economics: "You Can Observe a Lot Just by Watching" Cahal Moran Rethinking Economics 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. 2018 Level: beginner What economics education is missing: The real world Stephan Pühringer, Lukas Bäuerle Institute of Economics and Philosophy Cusanus Hochschule The last 15 years have seen extensive research into ecosystem service valuation (ESV), spurred by the Millenium Ecosystem Assessment in 2005 (Baveye, Baveye & Gowdy, 2016). Ecosystem services are defined as “the benefits people obtain from ecosystems” (Millenium Ecosystem Assessment, p.V). For example, ecosystems provide the service of sequestering carbon which helps regulate the climate. Valuation means giving ecosystems or their services a monetary price, for example researchers have estimated that the carbon sequestration services of the Mediterranean Sea is between 100 and 1500 million euros per year. The idea of ESV was a response to the overuse of natural resources and degradation of ecosystems, allegedly due to their undervaluation and exclusion from the monetary economy. ESV can be used (1) for policy decision-making, for example allocating funding to a reforestation project (2) for setting payments to people who increase ecosystem services, for example a farmer increasing the organic carbon content of their soil, and (3) for determining fees for people who degrade ecosystem services, for example a company that causes deforestation. 2021 Level: beginner A Pluralist Perspective on Ecosystem Service Valuation Introduction Maya Exploring Economics What made the false assumption that saving the economy at all cost during a pandemic so popular? This paper discusses different pathways through the COVID-19 pandemic at national and international level, and their consequences on the health of citizens and their economies. 2021 Level: beginner How not to save the economy? The interplay of economics and health during the COVID-19 pandemic Vera Leuner, Navaneeth M S, Leandro Pereira Monteiro, Eduardo Lacerda Camargo Bisneto Exploring Economics Participants should be able to distinguish the strictly non-cooperative (methodological individualist) foundations of traditional neoclassical economics as being couched in self-interested individuals, as well as having basic knowledge of an alternative set of theories based on the primacy cooperation and social norms and extending the breadth of economic analysis beyond exchange. 2021 Level: beginner Cooperative Economics Jerome Warren Summer Academy for Pluralist Economics This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki. 2018 Level: beginner Understanding Economic Models N. Emrah Aydinonat, Michiru Nagatsu University of Helsinki Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders? Level: beginner Capitalism & Boundaries   Netzwerk Plurale Ökonomik e.V. 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. 2021 Level: beginner Rethinking the History of Economic Thought & Methods Sam de Muijnck and Joris Tieleman Economy Studies One hundred years ago the idea of 'the economy' didn't exist. Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed. 2017 Level: advanced The Econocracy Joe Earle, Cahal Moran, Zach Ward-Perkins Manchester University Press 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 What’s inflation? Why is it relevant? And is there an agreed theory about its roots and causes, or is it a contentious concept? That’s what this text is all about: We define what inflation actually means before we delve into the theoretical debate with an interdisciplinary and pluralist approach: What gives rise to it, what factors might influence it, and, consequently, what might be done about it? 2021 Level: beginner Inflation in economic theory Alexander Barta, Jorim Gerrard, Jakob Steffen & Frieder Zaspel Exploring Economics The general idea of a Job Guarantee (JG) is that the government offers employment to everybody ready, willing and able to work for a living wage in the last instance as an Employer of Last Resort. The concept tackles societal needs that are not satisfied by market forces and the systemic characteristic of unemployment in capitalist societies. Being a central part of the Modern Monetary Theory (MMT), attention for the JG concept rose in recent years. 2020 Level: beginner The Job Guarantee Jannik Landwehr Exploring Economics In this short video Peter Reich illustrates seven aspects of the state of the US economy. He provides suggestions on how to to get started to move towards a more fair distribution of wealth. 2019 Level: beginner Everything You Need to Know About the New Economy Robert B. Reich https://robertreich.org In this podcast, Laura Basu speaks with a range of expert academics and public speakers – such as Jayati Ghosh, Yanis Varoufakis, Walden Bello, and Ashish Kothari about how the rules of the global economy are fostering the inequality and underdevelopment we see today. 2020 Level: beginner Decolonising the Global Economy Laura Basu, Jayati Ghosh, Yanis Varoufakis, Walden Bello and Ashish Kothar openDemocracy 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. 2020 Level: beginner The COVID-19 Debt Deluge Jayati Ghosh Project Syndicate Dr. Katherine Trebeck explains some reasons why we should believe the future of the economy should be a wellbeing economy. 2020 Level: beginner Why the Future Economy has to be a Wellbeing Economy Katherine Trebeck TEDx Talks Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods. 2019 Level: advanced Marx's approach to economics: a claim for subjective praxis Clara Mattei New School for Social Research, Department of Economics 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 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. 2019 Level: advanced Crashed: How a Decade of Financial Crises Changed the World Adam Tooze Paris School of Economics 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 … 2021 Level: beginner Embracing speculation and liquid identity: The case of the entrepreneur in a post crisis world Wyatt Constantine Conference "Which Pluralism?" 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 … 2021 Level: beginner A Methodology of Pluralist Economics Florian Rommel Conference "Which Pluralism?" 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 … 2021 Level: beginner Exploring Ergodicity Economics Mark Kirstein Conference "Which Pluralism?" 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 … 2021 Level: beginner The socio-economic world is non-ergodic Lucio Biggiero Conference "Which Pluralism?" 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 … 2021 Level: beginner Beyond indifference - An economics for the future Lukas Bäuerle Conference "Which Pluralism?" 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 … 2021 Level: beginner Caring the Care Sector - Contributions of Feminist Macroeconomics to Economics in the Post-COVID Era Izaskun Zuazu Conference "Which Pluralism?" 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 … 2025 Level: beginner Pandemic Paradigm Shift Ivan Rubinic Conference "Which Pluralism?" 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 … 2021 Level: beginner Real Economic Analysis - A Theoretical and Empirical Alternative to Economic Orthodoxy Anwar Shaikh Conference "Which Pluralism?"