572 results
Mainstream inflation theories in economics do little to explain the recent acceleration in price increases. The associated economic policy recommendations further increase the misery of low-income groups.
The inflation conundrum
Modern Monetary Theory and the Birth of the People s Economy The leading thinker and most visible public advocate of modern monetary theory the freshest and most important idea about economics in decades delivers a radically different bold new understanding for how to build a just and prosperous society Stephanie …
The Deficit Myth
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
The global financial crisis (GFC) led to increasing distrust in economic research and the economics profession, in the process of which the current state of economics and economic education in particular were heavily criticized. Against this background we conducted a study with undergraduate students of economics in order to capture their view of economic education.
What economics education is missing: The real world
The chapter by the Centre for Economy Studies introduces interdisciplinary economic subdisciplines and their importance for economics education.
Interdisciplinary Economics
This chapter by the Centre for Economy Studies explores how courses on the history of economic thought and methods could look if they were pluralist and interdisciplinary.
Rethinking the History of Economic Thought & Methods
Feminist economics focuses on the interdependencies of gender relations and the economy. Care work and the partly non-market mediated reproduction sphere are particularly emphasised by feminist economics.
Feminist 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
Introduction Economics is by necessity a multi paradigmatic science Several theoretical structures exist side by side and each theory can never be more than a partial theory Rothschild 1999 Likening scientific work to the self coordinating invisible hand of the market Michael Polanyi cautioned strongly against centralized attempts to steer …
Making Many Maps: Why We Need an Interested Pluralism in Economics and How to Get There
The module is designed to first present some of the main schools of thought from a historical and methodological perspective. Each week we explore and critically assess the main tenants of each school of thought. In the second part of the module we link history of economic thought and methodology to a specific and contemporary economic question. The second part allows you to engage with current economic issues with an awareness of methodology and methodological differences and with some knowledge of the history of economics.
History of Economic Thought
What does decolonising economics mean? Eurocentrism continues to shape the discipline of economics, leading to inaccurate theories that frame Europe’s development as a universal model.
Decolonising economics: An illustration of the informal economy
This chapter by the Centre of Economy Studies provides a map through the complex jungle of economic theories. It provides key insights and ideas for thirteen core topics in economics, organised by selecting the most relevant theoretical approaches per topic and contrasting them with each other.
Pragmatic Pluralism
Why has heterodox economics not been more successful in making inroads into the mainstream? And why has “pluralist economics,” the most prominent alternative paradigm to mainstream economics, not been more successful in changing the curriculum?
The Project of Pluralism
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?
Michael Kalecki famously remarked “I have found out what economics is; it is the science of confusing stocks with flows”. Stock-Flow Consistent (SFC) models were developed precisely to address this kind of confusion. The basic intuition of SFC models is that the economy is built up as a set of intersecting balance sheets, where transactions between entities are called flows and the value of the assets/liabilities they hold are called stocks. Wages are a flow; bank deposits are a stock, and confusing the two directly is a category error. In this edition of the pluralist showcase I will first describe the logic of SFC models – which is worth exploring in depth – before discussing empirical calibration and applications of the models. Warning that there is a little more maths in this post than usual (i.e. some), but you should be able to skip those parts and still easily get the picture.
Stock Flow Consistent Macroeconomics
L’économie comportementale se dédie à l’observation du comportement humain et en particulier à celle du comportement de décision économique.
Économie comportementale
If there’s one method economists have neglected the most, it’s qualitative research. Whereas economists favour mathematical models and statistics, qualitative research seeks to understand the world through intensive investigation of particular circumstances, which usually entails interviewing people directly about their experiences. While this may sound simple to quantitative types the style, purpose, context, and interpretation of an interview can vary widely. Because of this variety, I have written a longer post than usual on this topic rather than doing it a disservice. Having said that, examples of qualitative research in economics are sadly scant enough that it doesn’t warrant multiple posts. In this post I will introduce qualitative research in general with nods to several applications including the study of firm behaviour, race, Austrian economics, and health economics. More than usual I will utilise block quotes, which I feel is in the spirit of the topic.
Qualitative Methods in Economics: "You Can Observe a Lot Just by Watching"
This article explores the production function, the prevailing view of capital that underpins it, and the main alternative perspective. By exploring these perspectives, the authors aim to provide students with a foundational understanding of the controversies surrounding the treatment of capital in production, a topic expressly excluded from mainstream textbooks.
Why We Should Think Twice About Production Functions
Deforestation is estimated to be responsible for about 12-29% of global greenhouse gas emissions. This essay will explore ecological economics as an alternative lens through which to approach forest conservation and the acceleration of climate change.
Ecological Economics: A Solution to Deforestation?
This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki.
Understanding Economic Models
The foundational economy is a concept which describes the infrastructure of everyday life, encompassing all essential services like utilities or healthcare that people require for wellbeing. This contribution provides an overview of foundational thinking.
The foundational economy: Focusing on what matters
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
In this essay the authors take a look at how welfare could be provided in a degrowth society.
Bidding farewell to growth: How to provide welfare in a degrowth society
An essay of the writing workshop on contemporary issues in the field of Nigerian economics: Labour and all the dynamics, such as laws, mobility, gender participation, regulation etc., that are associated with it cements the need for this paper which seeks to objectively review, analyse, and if deemed necessary, give plausible recommendations.
Labour market: Applicable Labour Market Models and Gender Issues
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
This essay suggests to bring together two aspects of economic thought which so far have developed largely separately: degrowth and feminist economics. In this strive, the concept of care work and its role in feminist economics will be introduced and the downsides of the commodification of care work will be discussed. Subsequently, contributions to the discussion on the (re)valuation of care work will be taken into account.
Who cares? A convergence of feminist economics and degrowth
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
In this essay the author outlines the basis for embracing a post-work agenda, rooted in an emancipatory potential from the domination of waged work, which could help answer both feminist and ecological concerns with work.
Towards a post-work future: a necessary agenda to reconcile feminist & ecological concerns with work
In this ambitious and impressive new book, journalist Howard French seeks to excavate the long elided central importance of the African continent as the “linchpin of the machine of modernity.” In the story of modernity, he writes, the role of Africa is diminished, trivialized, and erased, and by filling in some gaps in this story, he retells the story of modernity.
Born in Blackness
This text provides an easy to understand introduction to complexity economics for non-specialist audiences such as bachelor's students.
Think Complexity Economics is too Complicated? Then this is for you.
Marxian Political Economy focuses on the exploitation of labour by capital. The economy is not conceived as consisting of neutral transactions for exchange and cooperation, but instead as having developed historically out of asymmetric distributions of power, ideology and social conflicts.
Marxian Political Economy
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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