First some terminology is explained. Then the interpretations of the coefficients and constants of the function are discussed. Afterwards the zero conditional mean assumption regarding the residual is problematized. Lastly, a graphical representation of a regression line is given and the least sum of squared errors is introduced and the equation for the coefficient of the linear function as well as for the intercept is given.

Does Karl Polanyi's work “The Great Transformation” serve to analyse the current multiple crisis and social movements? Nancy Fraser revises Polanyi's concept of a double movement to capture social forces in the aftermath of the economic crisis of the 1930s – on the one side marketization and on the other hand social protection. Fraser proposes to talk about a triple movement and to account for emancipatory struggles. In the lecture, she discusses interactions as well as conflicts between those three forces, in particular conflicting aims of social protection. The lecture presents the content of her paper “A TRIPLE MOVEMENT? Parsing the Politics of Crisis after Polanyi“ in the New Left Review (2013).

In this lecture, Konstantinos Katsikopoulos presents the concept of bounded rationality and contrasts two - as he calls it - cultures of research and analysis within Behavioral Economics: an "idealistic" and a "pragmatic" approach. Thereby, Katsikopoulos discusses amongst others their different assumptions on decision making (utility optimization vs. achievement of a satisfactory outcome), the psychological process as well as the epistemic aim and implications on policy recommendations (nudging vs. education).

The documentary proceeds along the lines of Karl Marx' biography, inquiring into his workings as a journalist, social scientist, revolutionary and historian and his travels through Europe. In chronological order historical events, such as the 1848 revolution or the Paris Commune as well as concepts such as dialectics, the labour theory of value or the reform-revolution debate are revisited. The documentary is narrated by John Kenneth Galbraith and by an actor, who plays Marx and recites quotes from his writings.

First historical instances of colonialism such as the crusades are revisited. Then a lengthy account of the colonial experience of the Spanish Kingdom in South America and of the British Empire in India is given. The Indian case is illustrated with large amounts of archival materials from a colonial administrator. There the workings of the colonial bureaucracy and law and its (positive) achievements as well as the ignorance and arrogance of the external rulers are demonstrated. After narrating the Indian independence to some depth some recent colonial wars (Algeria, Vietnam, Congo, Angola) are briefly examined. In the end, the impact of colonialism on current, i.e. 1970s, (economic) international relations is discussed. The general tenor is that colonialism is a dysfunctional system. Still, agency is mostly placed with the empire rather than with the ruled.

The first keynote speech was given by Sebastian Dullien, current spokesperson of FMM and who is one of the most well-known German economists in applied European economics and a very active contributor to the pluralist debate. Sebastian discusses the strategy of “running with the pack” by using orthodox methods to disseminate pluralist economics and politics. Referring to diverse examples Sebastian addresses the pros and cons of “running with the pack” and proposes alternative approaches to achieve more pluralism in economics.

Irene van Staveren, professor of pluralist development economics, presents her pluralist teaching method for the introductory level. Based on her textbook “Economics After the Crisis: An Introduction to Economics from a Pluralist and Global Perspective” she suggests to focus on real-world problems and pari passu apply economic theories such as Social economics, Institutional economics, Post-Keynesian economics as well as Neoclassical economics without wasting time to single out the latter. Besides pointing out advantages of such a pluralist method Irene illustrates her approach based on interesting topics such as growth or feminist economics.

In this essay, Professor Robert Pollin explores the short falls of the degrowth perspective in handling the impending environmental collapse as well as elaborates on the efficacies of a green new deal.

This course seeks to interpret capitalism using ideas from biological evolution. The lectures are foundational on neoclassical economics and economist, as well as their roles in the proliferation of capitalist ideology. However, it is less concerned with the ultimate judgment of capitalism than with the ways it can be shaped to fit more specific objectives.

The Elgar Companion to Neo-Schumpeterian Economics surveys the achievements of the most visible scholars in this area. The contributions to the Companion give both a brief survey on the various fields of neo-Schumpeterian economics as well as insights into recent research at the scientific frontiers.

By focusing on the human side as well as the intellectual dimensions of how economists work and think, this collection of interviews with top economists of the 20th century becomes a startling and lively introduction to the modern world of macroeconomics.

Well-rounded insights with essay contributions from various perspectives into what it means to decolonize higher education.

In this book, distinguished economist Edith Kuiper shows us that the history of economic thought is just that, a his-story, by telling the herstory of economic thought from the perspective of women economic writers and economists. Although some of these women were well known in their time, they were excluded from most of academic economics, and, over the past centuries, their work has been neglected, forgotten, and thus become invisible.

Foundations of Economics breathes life into the discipline by linking key economic concepts with wider debates and issues. By bringing to light delightful mind-teasers, philosophical questions and intriguing politics in mainstream economics, it promises to enliven an otherwise dry course whilst inspiring students to do well.

Mohsen Javdani and Ha-Joon Changonline examine the effect of ideological bias among economists through a randomised controlled experiment involving 2,425 economists in 19 countries. The analysis provides clear evidence for the existence of ideological bias as well as of authority bias among economists.

The objective of this MOOC is to develop an understanding of the problems related to water management. Firstly, this course will define a resource and, more specifically, the resource of water. It will look at how water is used and the activities associated with it as well as any potential conflicts. The course will look at water management in detail through the analysis of the different types of rights and obligations associated with, for example, the development of a multi-sectorial regulation system or a watershed management approach.

In the course Sociology and Socialism, students engage with classical theories of socialism as well as their applications in a variety of historical and international contexts. Staunchly interdisciplinary, the course utilizes expertise in philosophy, history, economics, sociology, anthropology and political theory.

In this lecture Ben Fine aims at stimulating interest for and explaining the relevance of Marxist Political Economy. Ben Fine dedicates the first half of his comprehensible lecture to the question on how mainstream economics became the way it is by explaining its key concepts and how those evolved during the past 150 years. While critically reflecting those concept he also emphasizes that mainstream economics does not consider historical processes. This is the point of departure on his presentation of the core terms and crucial categories of Marxist Political Economy: e.g. the production process and class relations (Part 1). Part 2 examines the consequences of the capitalist mode of production and its propensity to crises. Ben Fine illustrates this Marxist analysis with the example of the current crisis and explains current conditions for the accumulation of capital.

In this lecture Ben Fine aims at stimulating interest for and explaining the relevance of Marxist Political Economy. Ben Fine dedicates the first half of his comprehensible lecture to the question on how mainstream economics became the way it is by explaining its key concepts and how those evolved during the past 150 years. While critically reflecting those concept he also emphasizes that mainstream economics does not consider historical processes. This is the point of departure on his presentation of the core terms and crucial categories of Marxist Political Economy: e.g. the production process and class relations (Part 1). Part 2 examines the consequences of the capitalist mode of production and its propensity to crises. Ben Fine illustrates this Marxist analysis with the example of the current crisis and explains current conditions for the accumulation of capital.

This lecture briefly discusses historic understandings of the limits to infinite economic growth on a finite planet (from John Stuart Mill to Marx). Taking a ecological economics perspective it discusses the metabolism of the economy, the economy as a subsystem of the environment, biophysical limits to growth, and sustainable economic scales.

This course attempts to explain the role and the importance of the financial system in the global economy. Rather than separating off the financial world from the rest of the economy, financial equilibrium is studied as an extension of economic equilibrium. The course also gives a picture of the kind of thinking and analysis done by hedge funds.

A short course introducing co-operative firms, in the context of the Candian economy where various forms of co-operative make up a significant sector of the economy. The course offers foundational knowledge about co-operatives, explaining what they are and how they operate.

Economic theory must distinguish between publicly owned and privately owned property if it is to account for the effect of institutions on the behavior of individuals. Careful study of the theories of Marxists and the real-world experience in the Soviet economy offer important lessons and insight for economic modeling and the ongoing development of theory. In this course, Marxist/Leninist theory and Soviet reality will be studied with an open mind, and with the goal of taking lessons from the case study. To what extent was the Soviet economy an accurate expression of Marxist theory? If Marxism were tried somewhere else would the results be the same?

Although money plays a key role in our lives, the workings of our monetary system are a mystery to most of us. ‘The Waterworks of Money’ by cartographer Carlijn Kingma is an attempt to demystify the world of big finance. It visualizes the flow of money through our society, its hidden power made manifest. If you see money as water, our monetary system is the irrigation system that waters the economy. The better the flow, the more prosperous society will be. Just as water makes crops thrive, so money sets the economy in motion. Or at least that’s the idea. In reality, inequality is growing in many countries and people are dealing with a ‘cost of living crisis’. Meanwhile, the progress with making our economies sustainable is stalling, and financial instability remains an ongoing threat. These problems cannot be seen in isolation from the architecture of our money system. If we truly want to tackle them, we will have to address the design flaws of our current money system. For more info check: https://www.waterworksofmoney.com or https://www.carlijnkingma.com For the Dutch version of the animation check: https://www.ftm.nl/waterwerk Current exhibitions: 'The Future of Money' at Kunstmuseum Den Haag, 14 April, 2023 - 8 September 2023. 'Plumbing The System' at the Dutch Pavilion of the Venice Biennale, 20 May 2023 - 26 November 2023 The second animation video of this series will be released in September 2023. The Waterworks of Money is a collaboration of cartographer Carlijn Kingma, investigative financial journalist Thomas Bollen, and professor New Finance Martijn van der Linden. Kingma spent 2300 drawing hours, based on in-depth research and interviews with more than 100 experts –ranging from central bank governors and board members of pension funds and banks to politicians and monetary activists. The structure of our monetary system is not a natural phenomenon. We can choose to change its architecture. Designing the money system– and the laws and institutions that govern it–is ultimately a democratic task, and not a commercial or technocratic one. In practice, however, there is a major obstacle impeding the democratic process: financial illiteracy. By making finance and money needlessly complex, economists, bankers and tax specialists have turned most of us into ‘financial illiterates’. Everyone who doesn’t speak their financial jargon is excluded from the democratic debate on how our monetary system should work. The Waterworks of Money bypasses the financial jargon. It is an attempt to boost systemic financial literacy. Only if ordinary citizens develop their own vocabulary to participate in the debate about their financial future, can they tell their politicians which kind of ‘financial irrigation system’ they want. Authors: Carlijn Kingma, Thomas Bollen, Martijn Jeroen van der Linden Animation: Tiepes, Christian Schinkel, Cathleen van den Akker Narrator: Loveday Smith Translation: Erica Moore Voice recording: Huub Krom Music and sound: Rob Peters Photography: Studio OPPA Partners: Follow the Money, De Haagse Hogeschool, Stimuleringsfonds Creatieve Industrie, Brave New Works, Rabobank, Kunstmuseum Den Haag, Rijksmuseum Twenthe

A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics

Here we look at the effect of the 2008 Climate Change Act passed in Parliament in the United Kingdom as an effort to curb emissions in all sectors. The Act aside from setting goals to become a low-carbon economy sets up an independent committee on Climate Change to ensure the implementation of policies to comply with the ultimate goal of 80% reduction in total emissions in 2050. I make use of the Synthetic Control Method (SCM) to create a comparative case study in which the creation of a synthetic UK serves as a counterfactual where the treatment never occurred (Cunningham, 2018).

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.

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?

Quinn Slobodian a historian of modern Germany and international history analysis of current development in the Mont Pèlerin Society and therefore neo-liberalism. He sees neo-liberalist thinkers less as believers in the self-healing power of markets, but more as ordo-liberal Globalists who wanted to protect the markets from post-war politics and especially mass democracy. Their goal of global capitalism is still strong, however sceptics in the Mont Pèlerin Society are rising, which see international migration as a threat to Globalisation. Therefore, turning neo-liberal policies away from international institutions like the EU back towards the national states as new defenders of the markets as well as international trade and investments. (A development which can be seen in the Friedrich A. von Hayek-Gesellschaft and especially in the "liberal" wing of the German rightwing populist party AfD)

The historian Nicholas Mulder talks about the Western sanctions against Russia in the context of the Ukraine Crisis. He explains that the current sanctions are unprecedented in terms of size, speed and scope, expected consequences as well as potential drawbacks and problems.

The article summarizes the effects that the war in Ukraine, the resulting economic sanctions as well as associated financial turbulences have for cryptocurrencies and their role in the global financial system.

This blog post reviews "Democratizing Finance", an edited volume that analyses and provides policy proposals to ensure that the financial system serves the public good. Mquzama undertakes the task of summarising the main takeaways from each essay in the book as well as an exposition of its shortfalls. While he acknowledges the necessity of the book's reimaging capitalism and the financial system in a way that is practical within the current economic and political structures, he also highlights its failure to look beyond the United States of America.