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In this video University of Warwick Economist Robert Akerlof provides an introduction to a new type of behavioral economics He explains how this type is being driven by a desire to understand how people are shaped by social interactions and what the economic consequences of this are He begins the …
Behavioral Economics: The Next Generation
Ever wondered how a rap battle between John Maynard Keynes and F.A. Hayek would sound like?
Fear the Boom and Bust: Keynes vs. Hayek - The Original Economics Rap Battle!
Jens Beckert and Richard Bronk, authors of "Uncertain Times", explore the extent to which flaws, blind spots and more importantly bias created by macroeconomics models, based on forecasts and statistical devices, shape crisis and the market economy in which we live.
Economics for Uncertain Times
A pithy, stimulating debate between three great economists on the heterogeneous character of economic thought
The Future of Heterodox Economics
The webinar covers three different topics that relate to reconciling with the Indigenous people in Australia: financial resilience, childcare/child development and economic participation through business procurement. Despite showing significant strength and resilience in the face of colonial injustices, Australian Indigenous people and their families continue to be affected by past trauma.
How can economics contribute to Indigenous Reconciliation?
So, what does racism have to do with our 21st century economic system? How can we understand institutions who uphold racism while claiming to value diversity and inclusion? And what does it mean to truly be anti-racist?
New Economics Podcast: Why antiracism means anticapitalism
This essay argues that our dominant economic narrative—rooted in private property, competition, growth for growth’s sake, and the assumption that self-interest drives progress—has led humanity and the planet into an existential crisis.
Economics for the People
This essay argues that the dominant growth economics paradigm anchored in increasing consumption output and the metric of Gross Domestic Product GDP is failing to deliver what matters for both human flourishing and ecological survival The article further contends that growth measured merely by output masks social and environmental costs …
What Counts – Why Growth Economics is Failing Us
How can we get people to save more money eat healthy foods engage in healthy behaviors and make better choices in general There has been a lot written about the fact that human beings do not process information and make decisions in an optimal fashion This course builds on much …
Behavioral Economics in Action
In this course you will learn the basics for developing economically viable climate resilient plans The course starts with a review of the scientific consensus on changes in climate patterns and projections to the future and explains the rationale for countries to develop climate resilient plans that will help them …
Economics of Climate-Resilient Development
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
The productive work of widely distributed academic research has contributed substantially, over the postwar period, to important advances in our understanding. It has also offered a clearer recognition of many unresolved problems. Never theless, the progress achieved over the last decades, ex hibited by the systematic application of "theory" to actual issues and observable problems, could not overcome a per vasive sense of dissatisfaction.
Economics Social Institutions
This Companion takes stock of the trajectory, achievements, shortcomings and prospects of Marxist political economy. It reflects the contributors' shared commitment to bringing the methods, theories and concepts of Marx himself to bear across a wide range of topics and perspectives, and it provides a testimony to the continuing purpose and vitality of Marxist political economy.
The Elgar Companion to Marxist Economics
This classic text offers a broader intellectual foundation than traditional principles textbooks. It introduces students to both traditional economic views and their progressive critique.
Economics
Experimental economists are leaving the reservation. They are recruiting subjects in the field rather than in the classroom, using field goods rather than induced valuations, and using field context rather than abstract terminology in instructions.
Field Experiments in Economics
What narratives are underrepresented in the history of economic thought? How do economists account for freedom, justice, and democracy in non-Western cultures?
Decolonial Narratives in Economics
In this course you will study the different facets of human development in topics such as education health gender the family land relations risk informal and formal norms public policy and institutions While studying each of these topics we will delve into the following questions What determines the decisions of …
Foundations of Development Policy: Advanced Development Economics
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
The core of Georgism is a policy known as the Land Value Tax (LVT), a policy which Georgists claim will solve many of society and the economy’s ills. Georgism is an interesting school of thought because it has the twin properties that (1) despite a cult following, few people in either mainstream or (non-Georgist) heterodox economics pay it much heed; (2) despite not paying it much heed, both mainstream and heterodox economists largely tend to agree with Georgists. I will focus on the potential benefits Georgists argue an LVT will bring and see if they are borne out empirically. But I will begin by giving a nod to the compelling theoretical and ethical dimensions of George’s analysis, which are impossible to ignore.
It’s the Land, Stupid!
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
How countries achieve long-term GDP growth is up there with the most important topics in economics. As Nobel Laureate Robert Lucas put it “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.” Ricardo Hausmann et al take a refreshing approach to this question in their Atlas of Economic Complexity. They argue a country’s growth depends on the complexity of its economy: it must have a diverse economy which produces a wide variety of products, including ones that cannot be produced much elsewhere. The Atlas goes into detail on exactly what complexity means, how it fits the data, and what this implies for development. Below I will offer a summary of their arguments, including some cool data visualisations.
GDP Growth: It’s Complicated
This lecture is all about the challenge to include heterodox approaches into macroeconomics. After giving an overview of recent approaches to that problem Professor Michael Roos presents the theoretical framework of Complexity Economics as a means to combine behavioral aspects with macroeconomics.
Behavioural and Complexity Macroeconomics
In this tenth lecture in INET’s “How and How Not to Do Economics,” Robert Skidelsky argues that there are two main reasons why economists should study history.
Economic History
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Monetary sovereignty is a spectrum: modern monetary theory and developing countries
Adam Smith's The Wealth of Nations provided the first, most influential and lasting explanation of the workings of modern economics. But with his focus on "the market" as the best mechanism for producing and distributing the necessities of life, Smith's concepts only told part of the story, leading to flawed economic models that devalue activities that fall outside of the market's parameters of buying and selling.
The Real Wealth of Nations
In this talk, Virgil Henry Storr, a Research Associate Professor of Economics in the Department of Economics at George Mason University, talks about his research into to post-disaster recovery and the role that social entrepreneurship plays in rebuilding the communities and social networks that get disrupted, or entirely eliminated.
Community revival in the wake of disaster: Lessons in local entrepreneurship
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
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
Want to learn more about behavioural economics and its application to public policy? Take this free course from the Behavioural Economics Team of the Australian Government.
Behavioural insights for public policy
The Great Recession 2.0 is unfolding before our very eyes. It is still in its early phase. But dynamics have been set in motion that are not easily stopped, or even slowed. If the virus effect were resolved by early summer—as some politicians wishfully believe—the economic dynamics set in motion would still continue. The US and global economies have been seriously ‘wounded’ and will not recover easily or soon. Those who believe it will be a ‘V-shape’ recovery are deluding themselves. Economists among them should know better but are among the most confused. They only need to look at historical parallels to convince themselves otherwise.
Origins & Emergence of the 2020 Great Recession in the US Economy
Marx’s theory of the falling rate of profit is not only empirically borne out, but the theory he proposed seems to describe accurately how that happens. Furthermore, the whole process is useful for understanding the history of contemporary capitalism.
On the Rate of Profit
This report by the 'Institute for Global Prosperity' explores the hypothesis that strengthening and extending universal services is an effective way of tackling poverty and improving wellbeing for all.
Universal Basic Services: Theory and Practice
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