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This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as an ideal of a vague nature, which is highly dependent on societal context and, hence, subject to change over time. MMT stresses that government spending plans should be designed to pursue a certain socio-economic mandate and not to meet any particular financial outcome. The concept of public purpose is heavily used in this theoretical body of thought and often referred to in the context of policy proposals as the ideas of universal job guarantee and banking reform proposals show. MMT scholars use the concept as a pragmatic benchmark against which policies can be assessed. With regards to the definition of public propose, MMT scholars agree that it is dependent on the social-cultural context. Nevertheless, MMT scholars view universal access to material means of survival as universally applicable and in that sense as the lowest possible common denominator.
Modern Monetary Theory and the public purpose
This brief note explores the possibility of working towards an enlarged self-definition of economics through economists’ study and appreciation of economic sociology. Common ground between economic sociology and heterodox economics is explored, and some of Richard Sennett’s ideas are used as prompts to raise some pertinent and hopefully interesting questions about economics. In particular, the note revisits the question of whether there is a possibility of changing our understanding of what kind of social scientific work falls within the domain of economics proper once we start critically engaging with work conventionally considered to be outside of that domain. In part, the note is intended to offer undergraduate students in economics – and possibly even those further down the road in their education – food for thought about what constitutes economics.
On the Possibility of an Enlarged Self-Definition of Economics
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
After completing the module, participants should be able to have general overview on the theory of commons. They can differentiate between neoclassical, new institutional and social/critical commons theory and can use these theories to assess real life common-pool resource management and commoning pratices.
Future of Commons
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
This article is the first of a series that offers a new paradigm for economics, the “multilevel paradigm,” using generalized Darwinism as its theoretical framework. Generalized Darwinism refers to all processes that combine the ingredients of variation, selection, and replication – not just genetic evolution – making it relevant to the cultural evolution of economic systems that are embedded in political, social, and environmental systems.
Rethinking the Theoretical Foundation of Economics I: The Multilevel Paradigm
Explore the pressing topic of globalisation and how it affects economics, politics and society with this online course.
International Affairs: Globalisation
This thoroughly revised and updated second edition provides a comprehensive guide to Post Keynesian methodology, theory and policy prescriptions. The Companion reflects the challenges posed by the global financial crisis that began in 2008 and by the consolidation of the New Neoclassical Synthesis in macroeconomic theory.
The Elgar Companion to Post Keynesian Economics
Developmental economics
The roots of dependency theory
What are the challenges and opportunities for achieving decent work in global supply chains How do transnational corporations and their global supply chains operate How can they be more effectively governed Mark Anner Esther Busser Michael Fichter Tandiwe Gross Frank Hoffer Jenny Holdcroft Praveen Jha Maité Llanos Adam Lee Victor …
Decent Work in Global Supply Chains
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central.
Complex Economics
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
Readers of economic and political theory as well as students of economic planning will appreciate this classic, now available for the first time in English. Written eighty years ago, when Sorel became disillusioned with the official socialism of the German and French Marxist parties, this new translation presents Sorel's analysis of the rise and fall of the two great modern ideologies: socialism and liberal capitalism.
Social Foundations of Contemporary Economics
"Change the system, not the climate" is a common demand in the climate movement. But what kind of system do we want?
Outgrow the System
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution.
The Great Transformation
Now in its third edition, this textbook covers all of the standard topics taught in undergraduate International Economics courses. However, the book is unique in that it presents the key orthodox neoclassical models of international trade and investment, whilst supplementing them with a variety of heterodox approaches.
International Economics
Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism.
Modern Political Economics
Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders?
Capitalism & Boundaries
This article reviews insights of existing literature on global care chains. A specific focus is laid on the impact that the refugee crisis has on global care chains and in turn how the crisis impacts the de-skilling of the women in the migrant workforce.
Global care chains, refugee crisis, and deskilling of workers
In this essay, the author takes a critical perspective on the pursuit of growth as the solution for providing for environmental sustainability and economic stability in the countries of Central and Eastern Europe.
Drawing from the framework of dependency theory and presenting brief insights into European core-periphery relations the author then argues for the implementation of an alternative strategy to development that is built around the concept of self-reliance.
Dependency in Central and Eastern Europe - Self-reliance and the need to move beyond economic growth
The notion that the demand and supply side are independent is a key feature of textbook undergraduate economics and of modern macroeconomic models. Economic output is thought to be constrained by the productive capabilities of the economy - the ‘supply-side' - through technology, demographics and capital investment. In the short run a boost in demand may increase GDP and employment due to frictions such as sticky wages, but over the long-term successive rises in demand without corresponding improvements on the supply side can only create inflation as the economy reaches capacity. In this post I will explore the alternative idea of demand-led growth, where an increase in demand can translate into long-run supply side gains. This theory is most commonly associated with post-Keynesian economics, though it has been increasingly recognised in the mainstream literature.
It’s Demand All the Way Down
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
This course will cover recent contributions in economic history that, using geospatial data from anthropological maps, colonial archives and secondary sources, will explore current economic and development challenges by drawing parallels between the past and present.
African History through the lens of Economics
This course provides a simple introduction to problems that social scientists are working on (e.g. racial disparities, inequality and climate change) in a manner that does not require any prior background in Economics or Statistics.
Using Big Data to Solve Economic and Social Problems
Premier épisode d'une série sur le libéralisme d'Entendez-vous l'Eco, qui porte sur la théorie néoclassique. Cette école de pensée fondatrice de l'économie dominante actuelle peut se comprendre à travers quatre penseurs : William Stanley Jevons, Léon Walras et Carl Menger, Alfred Marshall.
Aux origines de la théorie néoclassique
À l'occasion de la parution de la première grande synthèse en français sur l'école post-keynésienne, entretien de Mediapart avec Virginie Monvoisin, professeure à la Grenoble École de Management, qui a coordonné l'ouvrage, et Dany Lang, maître de conférence à Paris 13 qui y a participé.
L'école post-keynésienne, une alternative à découvrir
Pluralism includes mainstream economics. Our campaign for pluralism, including this series, have generally focused on ideas outside the mainstream on the basis that it gets plenty of attention already so we want to spend our time exposing people to alternatives. Nevertheless, mainstream ideas deserve some attention. On top of this, a curious feature of modern economics education is that some of the best ideas from mainstream economics are not even taught to undergraduates! During this series I will explore such ideas, starting today with the market construction technique known as ‘matching’.
It's a match!
In the graveyard of economic ideology, dead ideas still stalk the land.
The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe.
Zombie Economics
This article investigates the set up of the CFA franc zones, its ties to French neocolonialism and its ability to further breed dependency in the former colonies.
The CFA Franc Zones: Neocolonialism and Dependency
This journal article by Radhika Desai, Professor at the Department of Political Studies, and Director of the Geopolitical Economy Research Group at the University of Manitoba, Winnipeg, Canada, was originally published in 2010 and republished in an revised format in 2020. The article is a comprehensive treatment of Marx's theory of crisis, focusing on the role of consumption demand in capitalism and in the emergence of crises.
Consumption demand in Marx, his crisis theories and in the current crisis
Léon Walras, un des grands fondateurs de la théorie néoclassique, est un penseur complexe et à découvrir : tantôt brandi comme une grande figure du libéralisme, tantôt théoricien d'une planification économique rationnellement fondée. Court article tiré du mensuel Le Point sur l'auteur.
Comprendre l’économie : Léon Walras - Le fondateur de l'économie néoclassique
In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency.
Whither Central Banks?
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