1117 results
Complexity economics focuses on interactions and interdependencies between individuals and structures in economic systems. Those are systems of organised complexity. High importance is given to the analysis of networks.
Complexity Economics
Evolutionary economics focuses on economic change. Hence processes of change such as growth, innovation, structural and technological change, as well as economic development in general are analysed. Evolutionary economics often gives emphasis to populations and (sub-)systems.
Evolutionary Economics
In this Ted Talk, Oxford economist Kate Raworth argues that instead of prioritizing the growth of nations, the world should rather prioritize meeting the needs of all people living on the planet within ecological limits.
A healthy economy should be designed to thrive, not grow
In this podcast, Professor Darrick Hamilton critically discusses how current neoliberal economic models uphold a systemically racially unjust structure of economies.
EQUALS: Racism, Rebellions and the Economy
Richard Werner touches on a number of topics in this Odd Lots Podcast episode. As one of the pioneers when it comes to money and credit creation, he gives interesting insights into his early research on this topic. He then explains what he calls the “Quantity Theory of Credit” and is an alternative to the "Quantity Theory of Money".
Japanification, Quantitative Easing, money creation and Re-Igniting the U.S. Economy
An overview of the last century economic theories asking what makes a heterodox economist. This lecture focuses on the evolution of the various academic traditions in economics. Lavoie presents his own typology for categorising seminal work within the post-Keynesian tradition while leaving space to acknowledge that categories are not binary, but can be used to help understand the different traditions, and how they have developed over the last decades.
History and fundamentals of Post Keynesian Macroeconomics
Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid.
Finance and Crisis: Marxian, Institutionalist and Circuitist approaches
L’économiste américain d’origine russe Hyman Minsky accordait une place centrale à la finance dans le fonctionnement des économies capitalistes. Cent ans après sa naissance, la crise de 2008-2009 remet en avant ses analyses de l’instabilité financière et ses pistes de réflexion sur les mécanismes qui pourraient la contenir.
Hyman Minsky : un économiste visionnaire
"Bank Underground" is the staff blog of the Bank of England, founded to publish the views and insights of the people working for one of the world's oldest central banks. The blog covers a wide range of macroeconomic topics, mostly linked to the effects of monetary policy, of course, but not all the time. It provides timely, relevant analysis of contemporary challenges in economic policy and is thus often a perfect primer.
Bank Underground
Dans cette vidéo les intervenants expliquent le système monétaire international actuel et les enjeux de l arrivée des cryptomonnaies dans ce système A travers une analyse historique par Michel Aglietta du système monétaire international puis institutionnaliste par Odile Lakomski Laguerre et enfin plus technique par Nathalie Aufauvre ils mettent en …
Renminbi, Dollar, Libra : la guerre des monnaies
The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and it will provide a simple short-run model which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into heterodox/post-Keynesian approaches towards distribution and growth.
The principle of effective demand: Marx, Kalecki, Keynes and beyond
The core idea of ecological economics is that human economic activity is bound by absolute limits. Interactions between the economy, society and the environment are analysed, while always keeping in mind the goal of a transition towards sustainability.
Ecological Economics
L’économie comportementale se dédie à l’observation du comportement humain et en particulier à celle du comportement de décision économique.
Économie comportementale
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
Podcast series with six 12-minute parts introducing the the values and ideas behind our neoliberal economic system: where it came from, how it spread, and how we could do things differently.
Beginner’s Guide to Neoliberalism
Global Value Chains (GVCs) started to play an increasing and key role in the global economy from the 1990s on. The market mechanism in GVCs supports industrialisation in the Global South and under certain conditions product and process upgrading. But GVCs do not lead to the catching-up of countries in the sense of them approaching real GDP per capita levels comparable with developed countries. These arguments are supported by a critical interpretation of the traditional trade theory, the New Trade Theory and specific approaches to explain GVCs, especially different governance structures and power relationships. Several case studies support these arguments. For catching-up, countries need comprehensive horizontal and vertical industrial policy and policies for social coherence. The small number of countries which managed to catch up did this in different variations.
Global Value Chains in economic development
L’économie évolutionniste se focalise sur le changement économique. En conséquence, sont analysés des processus de changement tels que la croissance, l’innovation, le changement technologique et structurel, ou encore le développement économique en général. L’accent est mis sur les populations et les (sous-)systèmes.
Économie évolutionniste
Since the 1980s, the financial sector and its role have increased significantly. This development is often referred to as financialization. Authors working in the heterodox tradition have raised the question whether the changing role of finance manifests a new era in the history of capitalism. The present article first provides some general discussion on the term financialization and presents some stylized facts which highlight the rise of finance. Then, it proceeds by briefly reviewing the main arguments in the Marxian framework that proposedly lead to crisis. Next, two schools of thought in the Marxian tradition are reviewed which consider financialization as the latest stage of capitalism. They highlight the contradictions imposed by financialization that disrupt the growth process and also stress the fragilities imposed by the new growth regime. The two approaches introduced here are the Social Structure of Accumulation Theory and Monthly Review School. The subsequent part proceeds with the Post-Keynesian theory, first introducing potential destabilizing factors before discussing financialization and the finance-led growth regime. The last section provides a comparative summary. While the basic narrative in all approaches considered here is quite similar, major differences stem from the relationship between neoliberalism and financialization and, moreover, from the question of whether financialization can be considered cause or effect.
Financialization and the crises of capitalism
In spite of the manifold critique about the state of economics in the aftermath of the financial crisis, an even increasing presence of economists and economic experts can be observed in the public sphere during the last years. On the one hand this reflects the still dominant position of economics in the social sciences as well as the sometimes ignorant attitude of economists towards findings of other social sciences. On the other hand this paper shows that the public debate on politico-economic issues among economists is dominated by a specific subgroup of economists, tightly connected to an institutional network of “German neoliberalism”. This group of “public economists” (i) is dominant in public debates even after the financial crisis, (ii) reproduces the formative German economic imaginary of the Social Market Economy in a German neoliberal interpretation and (iii) has a good access to German economic policymaking, rooted in a long history of economic policy advice.
Still the queens of social sciences? (Post-)Crisis power balances of “public economists” in Germany
L’économie de la complexité se focalise sur les interactions et les interdépendances entre les individus et les structures dans les systèmes économiques. L‘économie est vue comme un système complexe qui est toujours dans un état de flux, c‘est-à-dire évoluant et changeant en permanence.
Économie de la complexité
En inscrivant la soutenabilité environnementale dans la révision stratégique lancée début 2020 la Banque centrale européenne BCE a signalé qu elle prenait au sérieux les appels pour intégrer la politique monétaire dans la lutte contre le changement climatique et plus largement contre la crise écologique qui menace nos sociétés et …
Le rôle de la politique monétaire dans la transition écologique
Ride hailing home sharing meal delivery and other forms of digitally powered task sharing are creating jobs and growth in Europe and significant policy challenges What should be the responsibilities of these new platforms how should workers be classified and how can insurers and others provide services to this new …
Europe’s Collaborative Economy
Dr. Katherine Trebeck explains some reasons why we should believe the future of the economy should be a wellbeing economy.
Why the Future Economy has to be a Wellbeing Economy
This Perspective argues that ergodicity — a foundational concept in equilibrium statistical physics — is wrongly assumed in much of the quantitative economics literature. By evaluating the extent to which dynamical problems can be replaced by probabilistic ones, many economics puzzles become resolvable in a natural and empirically testable fashion.
The ergodicity problem in economics
Les post-keynésiens se focalisent sur l’analyse des économies capitalistes, vues comme des systèmes certes hautement productifs mais aussi instables et conflictuels. L‘activité économique y est pour eux déterminée par la demande effective, qui est typiquement insuffisante pour permettre d’atteindre le plein emploi et la pleine utilisation des capacités de production.
Économie post-keynésienne
L’économie féministe se focalise sur les interdépendances entre les relations de genre et l’économie. Le 'care' et la sphère de la reproduction partiellement non-marchande sont des objets d’étude particulièrement mis en avant.
Économie féministe
The mandate of central banks has seemed clear for decades : keep inflation low. Nevertheless borders between monetary, financial and economic policy have been blurry even before the pandemic.. Faced with the challenges of the climate crisis, slow growth, unemployment and inequality, does the financial and monetary system need a new constitutional purpose.
Beyond Price Stability
Chercheuse au CNRS, Lauriane Mouysset s'attaque au défi de concilier économie et écologie pour concevoir un développement durable.
Pas si simple de faire un choix, lorsqu’il s’agit de penser en amont, à tous les avantages mais aussi aux conséquences qui vont en découler. Peut-être que la clé de tout choix se trouve sur les valeurs fondamentales, celles qui font nos sociétés.
Lauriane nous invite à réfléchir à la meilleure façon d’agir et de faire un bon choix face à la crise écologique.
Repenser le défi écologique
Modern authors have identified a variety of striking economic patterns, most importantly those involving the distribution of incomes and profit rates. In recent times, the econophysics literature has demonstrated that bottom incomes follow an exponential distribution, top incomes follow a Pareto, profit rates display a tent-shaped distribution. This paper is concerned with the theory underlying various explanations of these phenomena. Traditional econophysics relies on energy-conserving “particle collision” models in which simulation is often used to derive a stationary distribution. Those in the Jaynesian tradition rely on entropy maximization, subject to certain constraints, to infer the final distribution. This paper argues that economic phenomena should be derived as results of explicit economic processes. For instance, the entry and exit process motivated by supply decisions of firms underlies the drift-diffusion form of wage, interest and profit rates arbitrage. These processes give rise to stationary distributions that turn out to be also entropy maximizing. In arbitrage approach, entropy maximization is a result. In the Jaynesian approaches, entropy maximization is the means.
The Econ in Econophysics
L’économie politique marxiste se focalise sur l‘exploitation du travail par le capital. Elle ne voit pas l'économie comme un ensemble de transactions neutres à des fins d’échange et de coopération, mais au contraire comme un développement historique conflictuel résultant de luttes sociales, d’une certaine idéologie et d’une distribution asymétrique du pouvoir.
Économie politique marxiste
L’économie néoclassique se focalise sur l’attribution des ressources dans un contexte de rareté. L’analyse économique vise essentiellement à déterminer l’attribution la plus efficace des ressources en vue d‘accroître le bien-être.
Économie néoclassique
L’école autrichienne se focalise sur la coordination économique des individus dans une économie de marché. Elle met l’accent, entre autres choses, sur l’individualisme, le subjectivisme, la politique de laissez-faire, l’incertitude et le rôle de l’entrepreneur.
Économie autrichienne
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