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The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a 'pluralistic' heterodox perspective.
Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics.
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 lively introduction to heterodox economics provides a balanced critique of the standard introductory macroeconomic curriculum. In clear and accessible prose, it explains many of the key principles that underlie a variety of alternative theoretical perspectives (including institutionalist economics, radical economics, Post Keynesian economics, feminist economics, ecological economics, Marxist economics, social economics, and socioeconomics).
This course is an introduction to macroeconomics with a specific focus on the euro area. The theoretical part provides a critical presentation of the two key macroeconomic models: the (neo)classical approach and the Keynesian approach. This allows a comparative analysis of important macroeconomic topics:
- unemployment
- inflation
- government debt and Modern Monetary Theory
- banks and financial crises.
The policy-oriented part discusses the monetary policy of the ECB and the specific challenges for fiscal policy in the euro area. The course also presents other euro area specific topics: Optimum currency area, euro crises, Next Generation EU and Green New Deal.
The Philosophy of Economics Foundational Text provides a systematic and well-structured overview over the field of philosophy of economics.
This video provides a brief introduction to post-keynesian economics and how the school of thought would tackle climate change.
Fighting Neoliberalism with Keynes & Minsky? Riccardo Bellofiore proposes to revise the insights of Minsky's financial instability hypothesis, combining it with the Keynesian theory of the monetary circuit to answer many questions in modern economy.
This is a new online course at bachelor level. It presents an introduction into macroeconomics with a specific focus on the euro area. The theoretical part provides a critical presentation of the two key macroeconomic models: the (neo)classical approach and the Keynesian approach. This allows a comparative analysis of important macroeconomic topics:
unemployment
inflation
government debt and Modern Monetary Theory
banks and financial crises.
The policy-oriented part discusses the monetary policy of the ECB and the specific challenges for fiscal policy in the euro area. The course also presents other euro area specific topics: Optimum currency area, euro crises, Next Generation EU and Green New Deal.
What influence do changes in tax policy or state decisions on expenditure have on economic growth? For decades, this question has been controversially debated.
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.
Steve Keen analyses how mainstream economics fails when confronted with the covid-19-pandemic. Mainstream economics has propagated the dismantling of the state and the globalization of production - both of which make the crisis now so devastating. More fundamentally, mainstream economics deals with market systems, when what is needed to limit the virus’s spread is a command system.
This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism
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.
The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background.
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.
Introduction Economics is by necessity a multi paradigmatic science Several theoretical structures exist side by side and each theory can never be more than a partial theory Rothschild 1999 Likening scientific work to the self coordinating invisible hand of the market Michael Polanyi cautioned strongly against centralized attempts to steer …
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.
Challenging the Mainstream in the Twentieth Century Economics is a contested academic discipline between neoclassical economics and a collection of alternative approaches such as Marxism radical economics Institutional economics Post Keynesian economics and others that can collectively be called heterodox economics Because of the dominance of neoclassical economics the existence …
As opposed to the conventional over-simplified assumption of self-interested individuals, strong evidence points towards the presence of heterogeneous other-regarding preferences in agents. Incorporating social preferences – specifically, trust and reciprocity - and recognizing the non-constancy of these preferences across individuals can help models better represent the reality.
From the two premises that (1) economies are complex systems and (2) the accumulation of knowledge about reality is desirable, I derive the conclusion that pluralism with regard to economic research programs is a more viable position to hold than monism. To substantiate this claim an epistemological framework of how scholars study their objects of inquiry and relate their models to reality is discussed. Furthermore, it is argued that given the current institutions of our scientific system, economics self-organizes towards a state of scientific unity. Since such a state is epistemologically inferior to a state of plurality, critical intervention is desirable.
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Balance of payments stability is of paramount importance for developing countries, both to secure the value of their domestic currencies as well as reliable foreign currency inflows. But how is that stability ensured and how important is the growth of exports for stability?
Neoclassical economics focuses on the allocation of scarce resources. Economic analysis is mainly concerned with determining the efficient allocation of resources in order to increase welfare.
The core idea of ecological economics is that human economic activity is bound by absolute limits. Interactions between the economy, society and the environment are analysed, while always keeping in mind the goal of a transition towards sustainability.
This historic timeline presents economic events, economic thinkers and schools of thought from the 18th century until the 2007/2008 financial and economic crisis with short texts on the respective event or perspective.
The 2007-2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline.
This course will survey contemporary heterodox approaches to economic research, both from a microeconomic and a macroeconomic perspective. Topics will be treated from a general, critical, and mathematical standpoint.
In the graveyard of economic ideology, dead ideas still stalk the land.
The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe.
Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself.
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 …
To explain the pronounced instability of the world economy since the 1970s, the book offers an important and systematic theoretical examination of money and finance.
This unique up-to-date volume not only provides state-of-the-art discussions of the most recent developments in modern macroeconomics but also includes a series of interviews with leading economists that shed new light on the major intellectual and policy issues of the 1990s. The book is at once an invaluable text and a superb overview that will be welcomed by teachers and students alike.
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