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Within the heterodox field one of the most active topics is related to the theory of economic growth and distribution This is a textbook for advance undergraduate and graduate students Throughout its 18 chapters Classical Neoclassical and post Keynesian models are developed Each chapter contains study problems and suggested readings …
Growth and Distribution
Extractivism is a development model based on exploiting and exporting raw materials. It is fundamental to reproducing entire societies, mainly in the Global South, while generating manifold dilemmas. This text situates extractivism within the broader landscape of global economic asymmetries, emphasizing the role of rents—excess revenues generated from resource extraction due to international price differentials—as a central analytical lens.
The Political Economy of Extractivism
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
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
Neoclassical economics focuses on the allocation of scarce resources. Economic analysis is mainly concerned with determining the efficient allocation of resources in order to increase welfare.
Neoclassical Economics
As opposed to the conventional over-simplified assumption of self-interested individuals, strong evidence points towards the presence of heterogeneous other-regarding preferences in agents. Incorporating social preferences – specifically, trust and reciprocity - and recognizing the non-constancy of these preferences across individuals can help models better represent the reality.
A fresh perspective to economic theory: Social preferences and their impact on gender and policy
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
Institutional economics focuses on the role of social institutions in terms of laws or contracts, but also those of social norms and patterns of human behaviour that are connected to the social organisation of production, distribution and consumption in the economy.
Institutionalist Economics
This timely book answers the question of whether central banks should specifically target the stability of financial systems and if so, what kind of policies should be adopted to prevent or mitigate financial instability.
Central Banking, Monetary Policy and Financial In/Stability
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
The premise of this workshop is that we, as knowledge producers - especially within westernized universities (Grosfoguel, 2013), are significantly implicated in neoliberal imaginaries that are often in service of hierarchical, binary, competitive and linear narratives of growth as civilizational progress.
Decolonizing Economics
A review of:
[1] Intermediate Microeconomics, H.R. Varian
[2] Mikrooekonomie, R.S. Pindyck, D.L. Rubinfeld
[3] Grundzuege der mikrooekonomischen Theorie, J. Schumann, U. Meyer, W. Stroebele
The Dichotomy, Inconsistency, and Peculiar Outmodedness of the "Mainstream" Textbook
This introductory text explores the political economy of water by defining the subject and examining its key issues.
The political economy of water
Behavioural economics deals with observing behaviour and economic decision making behaviour.
Behavioral Economics
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
The lectures were given by Steve Keen at the Exploring Economics Summer Academy 2017 in the workshop on Post Keynesian Economics The first lectures start with the role of money in a monetary economy and explain the macroeconomic significance of admitting the reality that banks create money The lectures continue …
Exploring Economics 2017 Lectures
A stock-flow-fund ecological macroeconomic model
DEFINE - A stock-flow-fund ecological macroeconomic model
These notes aim to clarify some basic features and implications of gross capital flows In the context of the 2007 08 Global Financial Crisis and the 2010 12 Eurozone Crisis trade imbalances and capital flows received a lot of attention from academics policymakers and the media However there is still …
Gross capital flows and the balance-of-payments: a balance sheet perspective
This essay analyses how the role of central banks changed since the global financial crisis, and how this directional change was accelerated by the outbreak of Covid-19.
Revolution without revolutionaries: interrogating the return of monetary financing
This course introduces students to political economy and the history of economic thought. We will cover the core ideas in various schools of economic thought, positioning them in the historical and institutional context in which they were developed. In particular, we will cover some economic ideas from the ancient world and the middle ages; the enlightenment; the emergence of and main ideas in classical political economy (Adam Smith, David Ricardo, Thomas Malthus, and others); Marx, Mill, and Keynes; European versus American economic thought through history; the rise of mathematical economics; economic theories around state-managed economies versus socialism; Austrian economics; behavioral economics; and the future of economics.
Political Economy and the History of Economic Thought
The goal of the class is to acquire familiarity with recently-published research in alternative macroeconomics with a focus on the distribution of income and wealth, cyclical growth models, and technical change.
Theory Seminar Macro-Distribution
After completing the module, participants should have gained a basic understanding of the economic school of thought referred to as "Modern Monetary Theory" and should be able to analyze the monetary processes at play in the economy and evaluate fiscal and monetary policy decisions from an MMT-perspective.
Introduction to Modern Monetary Theory
Aim of this intensive workshop is 1.) to introduce the participants to the macroeconomic workings of the climate crisis as the background of sustainable finance; 2.) to introduce financial assets with ESG (Environmental, Social and Governance) criteria attached to them and their markets and important institutional players; 3.) to provide a critical perspective on the current setup of sustainable finance; 4.) and to work on in-depth case studies illustrating the workings on ESG-finance markets, its emitters and traders as well as their macroeconomic implications.
Sustainable Finance – Hoax or necessity. A global perspective
John Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions.
Contending Perspectives in Economics
This book discusses the relationship between pluralist economics and the case study method of teaching, advocating the complimentary use of both to advance economics education. Using a multi-paradigmatic philosophical frame of analysis, the book discusses the philosophical, methodological, and practical aspects of the case study method while drawing comparisons with those of the more commonly used lecture method.
Case Method and Pluralist Economics
Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered 'heterodox'.
Reclaiming Pluralism in Economics
This edited volume explores how dependency theories can be adapted and applied to understand limits and possibilities for development in Latin America and Europe It explores core periphery relations across different sets of countries specific mechanisms of dependency as well as the role of race and gender in dependency analysis …
Dependent Capitalisms in Contemporary Latin America and Europe
The keynote argues that traditional macroeconomic models relying on perfectly rational representative agents (e.g., DSGE models) are fundamentally flawed, as they ignore human limitations, behavioral diversity, and aggregation complexities.
Towards Pluralism in Macroeconomics?
This informative book discusses the evolution of monetary policy, particularly since the subprime crisis.
Central Banking and Monetary Policy Implementation
In this prescient book, expert contributors from academic and policymaking circles explore dollarization in both theoretical and practical terms.
Central Banking, Monetary Policy and the Political Economy of Dollarization
This article outlines the fundamental challenges of democratically planned economies and categorises proposed models into six groups, each of which approaches planning and coordination at different levels of authority and between myriad economic units in a particular way, taking into account efficiency as well as democratic principles and environmental and social sustainability. Through a classification system based on decision-making authority and mediation mechanisms, the article provides a framework for understanding and comparing these models. By examining their different approaches, it offers insights into the complexities and potential paths of democratically planned economies in the 21st century.
Rethinking Democratic Economic Planning: An Overview
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
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