339 results
One method of economic modelling that has become increasingly popular in academia, government and the private sector is Agent Based Models, or ABM. These simulate the actions and interactions of thousands or even millions of people to try to understand the economy – for this reason ABM was once described to me as being “like Sim City without the graphics”. One advantage of ABM is that it is flexible, since you can choose how many agents there are (an agent just means some kind of 'economic decision maker' like a firm, consumer, worker or government); how they behave (do they use complicated or simple rules to make decisions?); as well as the environment they act in, then just run the simulation and see what happens as they interact over time.
Agents, agents everywhere
A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
Mathematical Economics in the 19th Century
Understanding international trade is central to economics and is currently a hot political issue. It’s an area where popular perceptions of mainstream economics are low, since they have historically missed some important downsides of trade agreements, especially the hollowing out of former manufacturing hubs in the Western world. et economists have for long time had a theory of trade with an impressive amount of scientific clout behind it: the gravity trade model.
A Theory of Enormous Gravity
This text summarizes the content of the 2018 Nobel Prize winner W. Nordhaus. It is extended by some critical perspectives on this topic. The short dossier gives an overview of the most important texts we have read in the climate economics reading group.
Climate Economics and the DICE Model
The course will teach students to analyze the goals, implementation, and outcomes of economic policy.
Advanced Economic Policy
The last 15 years have seen extensive research into ecosystem service valuation (ESV), spurred by the Millenium Ecosystem Assessment in 2005 (Baveye, Baveye & Gowdy, 2016). Ecosystem services are defined as “the benefits people obtain from ecosystems” (Millenium Ecosystem Assessment, p.V). For example, ecosystems provide the service of sequestering carbon which helps regulate the climate. Valuation means giving ecosystems or their services a monetary price, for example researchers have estimated that the carbon sequestration services of the Mediterranean Sea is between 100 and 1500 million euros per year. The idea of ESV was a response to the overuse of natural resources and degradation of ecosystems, allegedly due to their undervaluation and exclusion from the monetary economy. ESV can be used (1) for policy decision-making, for example allocating funding to a reforestation project (2) for setting payments to people who increase ecosystem services, for example a farmer increasing the organic carbon content of their soil, and (3) for determining fees for people who degrade ecosystem services, for example a company that causes deforestation.
A Pluralist Perspective on Ecosystem Service Valuation Introduction
Professor Joseph Aldy from Harvard Kennedy School gives us some insights about how economics can set the balance between policymakers, scientists, employers and citizens.
Can Economics save the Environment?
The COVID-19 pandemic has had far-reaching implications across the African continent. This discussion brings to light the role of African think tanks, such as the African Center for Economic Transformation (ACET) in rethinking the continent’s development models, especially, in light of the unprecedented crisis.
Growth with 'DEPTH' should guide economic transformation in Africa
Are there any limits to government spending? In times of war, particularly? And what about the aftermath of such special times when treasuries seemingly feel unshackled from any rules? And are those times really any special? That is what this paper is about.
Modern Money and the War Treasury
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Karl Marx: An early post-Keynesian?
The course will teach students to analyze the goals, implementation, and outcomes of economic policy.
Advanced Economic Policy 2
The objective of the course is to explore the main strengths and weaknesses of orthodox and heterodox paradigms within development economics.
Issues in Development Economics
This study aims to provide insights on how the Social and Solidarity Economy (SSE) is contributing to the future of work.
The Contribution of the Social and Solidarity Economy and Social Finance to the Future of Work
La coïncidence entre la rémunération du facteur et son produit marginal est une pièce majeure du paradigme néoclassique L article commence par un bref rappel historique de ce principe Suit un questionnement sur la pertinence de ladite loi en tant qu argument dans les débats sociaux le produit marginal représente …
Sommes-nous rémunérés selon la productivité marginale ?
"La crise sanitaire s’est soldée par une mise à l’arrêt de l’économie et une explosion des déficits publics. Le débat économique fait rage sur la gestion à adopter de cette dette Covid mais, pour en discuter, encore faut-il poser le bon diagnostic : quel est l’effet d’un déficit public ? Sont-ils tous utiles ? Comment sont-ils financés ? Ce petit récap propose quelques bases de macroéconomie à ceux qui souhaitent s’emparer de ces questions hautement politiques."
Petit récap macro par temps de crise pour ne pas se faire enfumer
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
The Political Economy of Inequalities
Stratification economics is defined as a systemic and empirically grounded approach to addressing intergroup inequality. Stratification economics integrates economics, sociology and social psychology to distinctively analyze inequality across groups that are socially differentiated, be it by race, ethnicity, gender, caste, sexuality, religion or any other social differentiation.
Stratification Economics
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses1.” This is how Lionel Robbins came to define economics in the early 1930s and there is a good chance that many of you heard a variant of this definition in your first Economics 101 lecture.
What is “Economics”?
The outbreak of COVID-19 has substantially accelerated the digitalization of the economy. Yet, this unprecedented growth of digital technology brought novel challenges to the labour market. Rise in income inequalities and precarious working conditions or polarization of jobs. In this essay, we try to assess what tools to use to counter these trends.
Post-pandemic future of work - How does digitization impact labour?
Participants should be able to distinguish the strictly non-cooperative (methodological individualist) foundations of traditional neoclassical economics as being couched in self-interested individuals, as well as having basic knowledge of an alternative set of theories based on the primacy cooperation and social norms and extending the breadth of economic analysis beyond exchange.
Cooperative Economics
Central banks have once again proven to be the first line of defense in crisis-ridden times. With their far reaching actions they prevented the world from experiencing a collapse of financial markets on top of the severe health and economic crisis caused by Covid-19.
NextGen Central Banking: Central Banking and Climate change - A new era of monetary financing?
Jason Smith takes a stab at blind faith in the efficiency of the price mechanism to provide market information. To do so, he calls upon Information Theory and Generative Adversarial Networks to argue the price mechanism is faulty and skewed towards supply.
Hayek Meets Information Theory. And Fails
Il est observé depuis plusieurs années, et depuis le passage à l'euro en particulier, que la perception de l'inflation par les citoyens diffère de l'inflation mesurée par les statisticiens de l'INSEE. Cet article explique comment l'indicateur de l'inflation est construit et met en lumière les choix méthodologiques, nécessaires mais non-neutres, qui le sous-tend.
Derrières les chiffres de l'inflation. Mesures et controverses.
From the perspective of mainstream theory the effectiveness of monetary policy in bringing down inflation depends on two very important equations the aggregate demand equation and the infamous Phillips Curve Without these it becomes more difficult or rather impossible for central banks to carry out monetary policy and obtain the …
Monetary Policy and the Phillips Curve
‘We cannot afford their peace & We cannot bear their wars’:
Value, Exploitation, Profitability Crises & ‘Rectification’
Political Economy based on Marx
The Covid-19 pandemic has laid bare the deep structural rifts in modern capitalist economies. It has exposed and exacerbated the long-lasting systemic inequalities in income, wealth, healthcare, housing, and other aspects of economic success across a variety of dimensions including class, gender, race, regions, and nations. This workshop explores the causes of economic inequality in contemporary capitalist economies and its consequences for the economy and society in the post-pandemic reality, as well as what steps can be taken to alleviate economic inequality in the future. Drawing from a variety of theoretical and interdisciplinary insights, the workshop encourages you to reflect on your personal experiences of inequality and aims to challenge the way in which the issue is typically approached in economics.
Inequality in the Post-pandemic Era
L'article de Carmen Guy présente les textes pionniers de l'analyse économique des crises. L'autrice montre que l’étude des crises économiques a nécessité dès le début une approche interdisciplinaire, intégrant dans un premier temps l’histoire et la statistique et ensuite la sociologie.
Aux origines de l’analyse économique des crises
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
The need for the movement Black Lives Matter and the tragic events that preceded it are the clear manifestation of the problem of discrimination today, which we all intuitively perceive as a poignant socio-economic question of our times.
Economics of Discrimination - A CBD Perspective
Health Economics traditionally involves two distinct strands. One focuses on the application of core neoclassical economic theories of the firm, the consumer and the market to health-seeking behaviour and other health issues. It suggests a role for government intervention only in the case of specific market failures (for example externalities, asymmetric information, moral hazard, and public goods) that distort market outcomes. The second strand is evaluation techniques, used to assess the cost effectiveness of competing health interventions.
Health Economics
This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki.
Understanding Economic Models
The world is regularly shaken by crises some are bigger others are smaller in scope Local turmoil military conflicts commodity scarcity bank runs health threats the history of mankind can be written as a history of crises Three major global crises occurred in the last fifty years alone the oil …
Understanding Crises - What to take from here for better policy advice in the future?
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