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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
Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic realities. The "in Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes.
Microeconomics in Context
Debunking Economics - Revised and Expanded Edition exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking Economics was published back in 2001, the market economy seemed invincible, and conventional "neoclassical" economic theory basked in the limelight.
Debunking Economics - Revised and Expanded Edition
Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy.
New Structural Economics
Economics: A New Introduction provides a fresh introduction to real economics. Highlighting the complex and changing nature of economic activity, this wide-ranging text employs a pragmatic mix of old and new methods to examine the role of values and theoretical beliefs in economic life and in economists understanding of it.
Economics
Thirty-years of economic transformation has turned China into one of the major players in the global capitalist economy. However, its economic growth has generated rising problems in inequality, alienation, and sustainability with the agrarian crises of the 1990s giving rise to real social outcry to the extent that they became the object of central government policy reformulations.
Social Economy in China and the World
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Yes, Money is Endogenous. Who Cares?
Planet Money and The Indicator aim to explain current economic events in an easy, fun and accessible manner.
Planet Money
Economists like to base their theories on individual decision making. Individuals, the idea goes, have their own interests and preferences, and if we don’t include these in our theory we can’t be sure how people will react to changes in their economic circumstances and policy. While there may be social influences, in an important sense the buck stops with individuals. Understanding how individuals process information to come to decisions about their health, wealth and happiness is crucial. You can count me as someone who thinks that on the whole, this is quite a sensible view.
Decision by Sampling, or ‘Psychologists Reclaim Their Turf’
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Reclaiming the university: Transforming economics as a discipline
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Time to Ditch the NAIRU
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?
Public lectures on some Traditional Economic Solutions to poverty in Nigeria, specifically the Igbo Apprentice System, Yoruba Ajo Thrift Savings, and Hausa Integral Communalism.
Traditional Wealth Creation Schemes in Nigeria
This article introduces the series, “Reclaiming Africa’s Early Post- Independence History,'' from Post-Colonialisms Today. It explores the policies and thinking of African governments in the early post-independence period, and the lessons for today’s struggles for political and economic agency on the continent.
Reclaiming Africa’s Early Post-Independence History
After completing the module, participants should be able to understand the economic consequences of gender inequality. They should be able to explain the contradictions between capital and care, analyze the labor market with a gender perspective and develop the ability to describe phenomena such as public policies taking into account "gender" as a category of analysis.
Feminist Economics
Cédric Durand locates the Russian War on Ukraine in relation to Russian Economic Development and Political Economy after the collapse of the soviet union.
Cold Peace
The book provides an excellent comparative perspective on New Keynesian "New Consensus" economics and Post-Keynesian Economics at a beginner level. It also offers an interactive tool to understand how the economic models work, especially from a heterodox / pluralist perspective.
Introduction to Macroeconomics: Pluralist and Interactive
Croatia adopted the euro as its currency on 1 January 2023, becoming the 20th member state of the eurozone. In this teaching pack, students learn what it entails to join the eurozone and discuss what its effects might be. In this way, the case helps students connect theoretical insights about monetary unions with real world knowledge and economic developments in the news.
Croatia adopts the euro – Economy Studies
Understanding the financial crisis from four very different economic theories: Social Economics, Institutional Economics, Post Keynesian economics.
Economics from a pluralist perspective
p>Twenty-first-century economists will have to understand and improve a post-Cold War world in which no single economic theory or system holds the key to human betterment. Heterodox economists have much to contribute to this effort, as a wave of pluralism spawns new lines of research and new dialogues among non-mainstream economists.
Future Directions for Heterodox Economics
The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery.
Fictitious Capital
This book discloses the economic foundations of European fiscal and monetary policies by introducing readers to an array of alternative approaches in economics. It presents various heterodox theories put forward by classical economists, Marx, Sraffa and Keynes, as a coherent challenge to neoclassical theory.
Heterodox Challenges in Economics
The U.S. economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years.
From Financial Crisis to Stagnation
Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in.
In Defense of Post-Keynesian and Heterodox Economics
The textbook 'Principles of Complexity Economics' by Michael Roos serves as an introduction to the rising field of complexity economics, providing a comprehensive and systematic overview of the concepts and methods of complexity economics and their applications to economic issues.
Principles of Complexity Economics
Best-selling books such as Freakonomics and The Undercover Economist have paved the way for the flourishing economics-made-fun genre. While books like these present economics as a strong and explanatory science, the ongoing economic crisis has exposed the shortcomings of economics to the general public.
Economics Made Fun
Mainstream economics almost completely ignores the role power plays in determining economic outcomes, which means it can only provide partial explanations of the distribution of wealth and income, and of the problems associated with inequality and poverty.
Power and Neoclassical Economics
A History of Capitalist Transformation: A Critique of Liberal-Capitalist Reforms highlights how, since the recent financial crises, the expression 'liberal reform' has entered common parlance as an evocative image of austerity and economic malaise, especially for the working classes and a segment of the middle class.
A History of Capitalist Transformation
The Invisible Hand offers a radical departure from the conventional wisdom of economists and economic historians, by showing that "factor markets" and the economies dominated by them - the market economies - are not modern, but have existed at various times in the past.
The Invisible Hand?
That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does.
Doughnut Economics
This book highlights the political economy of wealth and income inequality in Latin America. The author segments his analysis to separately evaluate the economic, social, and political costs of inequality building on country case studies. It draws well-contextualized lessons from the Latin American experience that is important to consider for other regional contexts, especially for social policies of nations within the 'Middle Income Trap'.
The Costs of Inequality in Latin America
One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system.
Minsky’s Moments
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