Von John Maynard Keynes zu "Modern Macro"

This panel is about discussing the international development discipline from a critical perspective, exploring how the current practice entangles with Eurocentric/neo-colonial thoughts and how can we move beyond them.

Stiglitz answers the question why globalization and world trade has not delivered on its promise of increased well being as much as classical economists thought, by pointing to the power asymmetries: firstly, between industrialized nations and developing nations and secondly, between special corporate interest and social interests. In his analysis, developed countries and MNCs were able to extract the benefits, while shifting the costs (i.e. pollution) to states and communities with lesser power. Amongst many other historical examples the pharmaceutical and the mining industry are discussed to some length.

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.

Keen first compares neoclassical approaches to modelling with heterodox ones. Then he discusses in length the required assumptions and the inconsistencies of the aggregate demand and supply model, which is extrapolated from a micro perspective. At the end some dynamic models with feedback mechanisms are shown.