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How can we shape urban development towards sustainable and prosperous futures This course will explore sustainable cities as engines for greening the economy We place cities in the context of sustainable urban transformation and climate change Sustainable urban transformation refers to structural transformation processes multi dimensional and radical change that …
Greening the Economy: Sustainable Cities
What causes a recession? Told by economic historian John S. Gordon and visualized by a dancing performance, this short film focuses on emotions that are linked to recessions and recovery: fear and confidence.
Recession
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.
Stiglitz on globalization, why globalization fails? The trade agreements
Galbraith first explores the social darwinism of Herbert Spencer and others that served as apology for the highly unequal distribution of wealth in the US at the end of the 19th century and naturalized differences in wealth by appealing to the concept of natural selection of the fittest. Then some instances of the unscrupulous business practices (i.e. robberies) of the American railroad tycoons and other business magnates are recounted. Lastly, Galbraith lines out some of the arguments of Thorstein Veblen, who delegitimized and ridiculed the business and leisure activities of the rich by putting them in the same category as predatory and ritualized practices of primitive or ancient societies.
The Age of Uncertainty Episode 2 - The Manners and Morals of High Capitalism
In this lecture Mirowski claims that a good critique of and alternative to neoclassical economics should focus on microeconomics. In addition, he claims that mainstream economics is not about a specific "human nature", instead the understanding of markets (partially based on Hayek) is of special importance. As an alternative Mirowski proposes institutionalist economics that builds upon how markets work nowadays (e.g. links to computer science).
Should Economists be Experts in Markets or in Human Nature?
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).
Bounded Rationality: The Two Cultures
This dossier gives an overview of the functions and the nature of money. The concept of Islamic finance is briefly explored, too.
The Nature of Money
Galbraith gives an overview of economic history from the 18th century until the end of the 19th century covering issues such as the industrial revolution the enclosure of the Scottish highlands the Irish famine and the colonization of North America Additionally the ideas of economists such as Smith Ricardo Malthus …
The Age of Uncertainty Episode 1 - The Prophets and Promise of Classical Capitalism
Ha Joon Chang exposes the main ideas of his book Bad Samaritans, namely that historically states have developed and industrialized by making policy interventions related to industry protection, tariffs and subsidies and not by opening their markets to free trade. Chang elaborates on the examples of Japan, the US, Singapore and Germany amongst others to show that an interventionist path to development has been the regularity and not an anomaly. In the end of the lecture, he argues that they idea of a level playing field should be replaced by a trade order that accounts for differences in power and economic capacities of different countries. The last 20 minutes are questions and answers.
Ha-Joon Chang - Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism
What is innovation, what drives innovation and the process that differentiates firms? What is competition and what kind of dynamics lie behind the differences between firms and their innovative activities? Mariana Mazzucato elaborates on those questions from an evolutionary economics' and Schumpeterian perspective. The slides of her lecture are not visible, hence some visualizations can't be followed.
Economics of Innovation
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.
The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end
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 Age of Uncertainty Episode 4 The Colonial Idea
In 18th century Europe figures such as Adam Smith, David Ricardo, Friedrich List and Jean Baptiste Colbert developed theories regarding international trade, which either embraced free trade seeing it as a positive sum game or recommended more cautious and strategic approaches to trade seeing it as a potential danger and a rivalry and often as a zero-sum game. What about today?
Free trade in economic theories
This is an introductory lecture to Stock Flow Consistent SFC modelling Antoine Godin presents this family of macroeconomic models which is based on a rigorous accounting framework and guarantees a correct and comprehensive integration of all the flows and the stocks of an economy SFC models focus especially on interactions …
Post Keynesian Stock-Flow consistent Modelling
John K. Galbraith tells the economic history of a couple of economies (mostly UK, US and to a lesser extent Germany) from the end of the first world war until the Bretton Woods conference. He also provides a biography of John M. Keynes and outlines some central ideas of Keynes such as the possibility of an underemployment equilibrium. Galbraith complements the historical remarks by the biographical experiences he made in economic management (and in engaging with Keynes) serving as deputy head of the Office for Price administration during the second world war.
The Age of Uncertainty Episode 7 The Mandarin Revolution
Özlem Onaran analyses the current problems of secular stagnation from a global perspective. At the core of global economic problems is insufficient demand caused by falling wage shares, because most individual countries, and the world as a whole are “wage-led”. Hence a strategy for global growth is to aim at increasing wages and thus the wage share, and the abandonment of policies focusing purely on national competitiveness. Financialization has broken the link between corporate profitability and investment. Reregulation of finance and higher public investment is required in order to crowd in private investment, in this way, reversing the declining trend of potential output growth.
Current Problems of Secular Stagnation from a Global Perspective
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.
Beyond stimulus versus Austerity: Pluralist capacity building in Macroeconomics
How the brain works, how we learn, and why we sometimes make stupid mistakes.
The Science of Thinking
How has financialisation changed saving What are its implications on a macro economic level and from a welfare state perspective Craig Berry I PEEL
Saving
Tom Palley provides a very clear and insightful description of the post-Keynesian school of economics by tracing back its connections to the different historical schools of thought.
Post-Keynesian Economics through the Lens of History of Thought - Introductory lectures on heterodox economics
Economics is dogmatic, monolithic, merely quantitative, highly normative, strongly political, primarily ethical, pseudo-scientific, and manipulative.
Economics is ...
This video animates part of the talk “On Economics” by Ha-Joon Chang in which he states that economics is not a science for experts but for everyone. Chang further argues why it is important to take into account different perspectives on economics – he identifies at least nine school of thoughts which all have their strengths and weaknesses and presents examples on free trade and well-being. Chang further elaborates on the difficulties of changing the economic status quo.
Economics Is For Everyone!
In this lecture, Prof. Israel Kirzner presents a historical overview of the development of the Austrian school. The talk covers a timespan from the beginnings of the Austrian School in the early 1870's till just before the more recent 'revival' of the School in the mid-1970's.
The History of Austrian Economics
What is “equitable growth” and how do we measure it? A better understanding of equitable growth—and how to measure it—can improve our understanding, inform decisions and lead to better outcomes for all.
Why current definitions of family income are misleading, and why this matters for measures of inequality
Social and Solidarity Economy (SSE) and Feminist Economics make a conjoint statement: The way we see the economic system has nothing to do with human beings nor those who have been surviving outside the market.
Decolonial Feminist Economics: A Necessary View for Strengthening Social and Popular Economy
Le grand œuvre de l’économiste américain Hyman Minsky Stabilizing an unstable economy, sorti en 1986, vient d’être publié en français par l’Institut Veblen et Les petits matins.
Maîtriser l'instabilité financière : les leçons d'Hyman Minsky
In this TedTalk Dan O Neil explains why GDP and infinite growth are concepts that we should leave behind and which other perspectives have been developed Degrowth post growth well being or steady state economy The goal is to rethink a new paradigm that puts society and the environment at …
The Economics of Enough
Firms are the primary places where economic activity takes place in modern capitalist economies: they are where most stuff is produced; where many of us spend 40 hours a week; and where big decisions are made about how to allocate resources. Establishing how they work is hugely important because it helps us to understand patterns of production and consumption, including how firms will react to changes in economic conditions and policy. And a well-established literature – led by post-Keynesians and institutionalists – holds that the best way to determine how firms work is to…wait for it...ask firms how they work. This a clearly sensible proposition that is contested in economics for some reason, but we’ll ignore the controversy here and just explore the theory that springs from this approach.
The ‘How Firms Work’ Approach to How Firms Work
Anwar Shaikh explores alternative economic explanations, emphasizing 'real competition' theory and the role of imperfections in economic patterns.
Capitalism: Competition, Conflict, Crisis
During his life, Keynes was credited with, amongst other things, with helping to save capitalism from the Great Depression, funding the war against the Nazis and building post-war decades of growth and rising prosperity. And when the global crisis struck in 2008, it was his ideas that the world's leaders turned to help avoid another depression.
Masters Of Money | John Maynard Keynes
Robert Costanza briefly present various methods of environmental valuation, and talks about the changes in the global value of ecosystem services. He then introduces the major ecosystem services, and how different methods of valuation affect the preferred policies to address environmental issues.
Robert Costanza: Ecosystem Service Valuation
When we have to make a decision, we consider all the pros and cons, try to gather a lot of information and estimate what consequences this decision might have. And then we make an (at least somewhat) rational decision. Or do we?
Choice blindness
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