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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.
Alternative Approaches to Economic Theory The book critically engages with various Marxian perspectives on the dynamics on development and social progress It specifically engages with some key words in Marxian theory including Marx s early work on capitalist development and his later works on underdeveloped Russia Lenin s thesis on imperialism as a hurdle for … Rethinking Development In this essay the authors argue for a wider concept of care work that includes community building, civic engagement and environmental activism. On the basis of the case of Cargonomia, a grassroot initiative in Budapest, they show that such a wider concept of care work could allow for different narratives that promote sustainable lifestyles with a milder environmental and social impact on the planet and its communities. Reimagining the world of (care)work: the case of Cargonomia The term "de-risking" can be seen as one element of a strategy aimed at discursively reframing the trade policy confrontation with China. This confrontation has mainly been driven by the US in recent years and received initially cautious, but later growing support from the EU. De-risking, de-coupling, de-globalization? MERCOSUR (Mercado Común del Sur or Common Southern Market) was the first formalized attempt to integrate South American countries economically and politically. How can MERCOSUR move forward? 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. A fresh perspective to economic theory: Social preferences and their impact on gender and policy 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. It’s the Land, Stupid! Markets are the focus in modern economics: when they work, when they don’t and what we can or can’t do about it. There are many ways to study markets and how we do so will inevitably affect our conclusions about them, including policy recommendations which can influence governments and other major organisations. Pluralism can be a vital corrective to enacting real policies based on only one perspective and a plethora of approaches provide alternatives to the canonical view. Although they have differing implications, these approaches share the idea that we should take a historical approach, analysing markets on a case-by-case basis; and they share a faith in the power of both individuals and collectives to overcome the problems encountered when organising economic activity. Markets, How Do They Work? One method of economic modelling that has become increasingly popular in academia, government and the private sector is Agent Based Models, or ABM. These simulate the actions and interactions of thousands or even millions of people to try to understand the economy – for this reason ABM was once described to me as being “like Sim City without the graphics”. One advantage of ABM is that it is flexible, since you can choose how many agents there are (an agent just means some kind of 'economic decision maker' like a firm, consumer, worker or government); how they behave (do they use complicated or simple rules to make decisions?); as well as the environment they act in, then just run the simulation and see what happens as they interact over time. Agents, agents everywhere An essay of the writing workshop on Nigeria’s Readiness for and the Effect of the Fourth Industrial Revolution The Role of Women in the Fourth Industrial Revolution 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. Cooperative Economics ‘We cannot afford their peace & We cannot bear their wars’: Value, Exploitation, Profitability Crises & ‘Rectification’ Political Economy based on Marx This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki. Understanding Economic Models This paper posts a heretical question: Is economics a science after all? The answer to this question impinges on the methodology, hypotheses and results of economic research. Is economics a science? This syllabus provides an overview of the content of the Philosophy and Economics course at the University of Waterloo. Philosophy and Economics Macroeconomics is fundamental to our understanding of how the world functions today. But too often our understanding is based on orthodox, dogmatic analysis. Macroeconomics - A Critical Companion In this article, Perry Mehrling, a professor of economics at Barnard College, presents and discusses three theories of banking which are guiding bank regulation. These are credit creation theory, fractional reserve theory and debt intermediation theory. Central Bank theories of Banking and Money Ride hailing home sharing meal delivery and other forms of digitally powered task sharing are creating jobs and growth in Europe and significant policy challenges What should be the responsibilities of these new platforms how should workers be classified and how can insurers and others provide services to this new … Europe’s Collaborative Economy A detailed introduction into dependency theory that rethinks its relevance to modern development challenges. Dependency Theory and Uneven Development Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods. Marx's approach to economics: a claim for subjective praxis Teaching and learning ontology and epistemology. Onto-what? Bates & Jenkins explain what is needed to equip students with the ability to critically reflect on learned content and understand meta-discussions in their field. Teaching and Learning Ontology and Epistemology in Political Science This blogpost discusses the bias the Economics discipline has towards Africa. It points out how important conferences on issues regarding Africa take place in Western countries at the expense of those based in Africa. Economics has an Africa Problem Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods. Impact of FDI on economic growth: The role of country income levels and institutional strength Is our system capable of energy transition and climate protection? How plural is economic policy in practice and who makes the big decisions? What kind of change do we want? Energy and Climate Economics - Where do we come from and where do we have to go? Nancy Fraser starts out by introducing the multidmiensional cirises of the 21st century Three dimensions are especially alarming to her the ecological the financial and social aspects of the crisis Fraser then revives the ideas of Karl Polanyi which he first presented in his 1944 book The great transformation She … Can societies be commodities all the way down? Why did inflation lift of in 2022? Are there differences between the US and the Eurozone and if so, what are they? The Inflation Surge of 2021-22: Scarcity of Goods and Commodities, Strong Labor Markets and Anchored Infl ation Expectations In this teaching pack, we look at the acquisition of Twitter by Elon Musk. In particular, we focus on what it means to take a company private and how the deal was financed. Musk buys Twitter What are the debates, feminist and otherwise, surrounding the phenomena of globalization? How does a gendered lens complicate our understandings of neoliberal globalization? How are particular labor regimes integral to global restructuring, and how are these gendered? What are the implications of global restructuring for bodies, identities, relations, and movements? The Gender and Labor of Globalization Information and skills required to make more sustainable choices every day. Sustainability in Everyday Life