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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 …
Through this course you will learn how individuals and firms make financial decisions and how those decisions might deviate from those predicted by traditional financial or economic theory We will explore the nature of these biases and their origins using insights from psychology neurosciences and experimental economics on how the …
Economic sociology is an entire subfield and one could write an series on it, so I’m going to stick to probably the most prominent economic sociologist and the founder of ‘new economic sociology’, Mark Granovetter.
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.
In this short video Peter Reich illustrates seven aspects of the state of the US economy. He provides suggestions on how to to get started to move towards a more fair distribution of wealth.
Quinn Slobodian a historian of modern Germany and international history analysis of current development in the Mont Pèlerin Society and therefore neo-liberalism. He sees neo-liberalist thinkers less as believers in the self-healing power of markets, but more as ordo-liberal Globalists who wanted to protect the markets from post-war politics and especially mass democracy. Their goal of global capitalism is still strong, however sceptics in the Mont Pèlerin Society are rising, which see international migration as a threat to Globalisation. Therefore, turning neo-liberal policies away from international institutions like the EU back towards the national states as new defenders of the markets as well as international trade and investments.
(A development which can be seen in the Friedrich A. von Hayek-Gesellschaft and especially in the "liberal" wing of the German rightwing populist party AfD)
In this lecture, Branko Milanovic gives an overview of the concept of inequality as conceptualized within the classical school of thought.
This course will introduce key concepts, theories and methods from socioeconomics. The first part of the course, will deal with the main economic actors and how their interactions are governed. Markets are seen as sets of social institutions. Institutions shape how consumers, firms and other economic actors behave. While it is difficult to understand how novelty emerges, we can study the conditions that are conducive to innovation. We will review how economic performance, social progress and human wellbeing are measured and what progress has been made. In the second part of the course, we will study a specific macroeconomic model that accounts for biophysical boundaries and inequality.
The usual background and distinctions between complexity and neoclassical economics are presented Neoclassical economics deals with perfectly rational representative agents this creates states of equilibrium On the other hand complexity economics relaxes these assumptions to deal with responsive agents in an uncertain dynamic environment this creates states of disequilibrium More …
This course is an introduction to Development Economics and is concerned with how economists have sought to explain how the process of economic growth occurs, and how – or whether – that delivers improved well-being of people.
Getting to the policy discussion table is one of the objectives pursued by feminist scholars and advocates. However, some participants in this process have remarked that “you cannot get to the policy discussion table until you have proven that you can crunch the numbers.”
This graduate-level course examines issues related to women’s paid and unpaid work during a time of rapid integration of world markets. Students will analyze the role of government policy, unions, corporate responsibility, and social movements in raising women's wages, promoting equal opportunity, fighting discrimination in the workplace, and improving working conditions.
Is capitalism the context where gender inequalities are reproduced, or is capitalism something more than a context? What are the differences among women and how can we place them theoretically and politically. Reproductive work, is it a women’s work? These questions are disscused in a three-session workshop.
This syllabus provides an overview of the content of the Philosophy of Economics course at the University of Wisconsin-Madison.
In a capitalist system, consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How actors assess uncertainty is a problem that economists have tried to solve through general equilibrium and rational expectations theory. Powerful as these analytical tools are, they underestimate the future's unknowability by assuming that markets, in the aggregate, correctly forecast what is to come.
Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy.
This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower and Leijonhufvud to recent dynamic stochastic general equilibrium models with imperfect competition.
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution.
Free, Fair & Alive is a foundational re-thinking of the commons, the self-organized social systems that human beings have used for millennia to meet their needs.
In 18th century Europe figures such as Adam Smith, David Ricardo, Friedrich List and Jean Baptiste Colbert developed theories regarding international trade, which either embraced free trade seeing it as a positive sum game or recommended more cautious and strategic approaches to trade seeing it as a potential danger and a rivalry and often as a zero-sum game. What about today?
This syllabus provides an overview of the contents of the course "Understanding Economic Models" at the University of Helsinki.
The term "de-risking" can be seen as one element of a strategy aimed at discursively reframing the trade policy confrontation with China. This confrontation has mainly been driven by the US in recent years and received initially cautious, but later growing support from the EU.
Marx Reloaded is a cultural documentary that examines the relevance of German socialist and philosopher Karl Marx s ideas for understanding the global economic and financial crisis of 2008 09 The crisis triggered the deepest global recession in 70 years and prompted the US government to spend more than 1 …
This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank.
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.
Winner of the Nobel Prize in Economics
Get ready to change the way you think about economics.
Get ready to change the way you think about economics.
Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans--predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth--and change the way we think about economics, ourselves, and our world.
This lecture acts as an introduction to the Macroeconomics course (ECON 720) at John Jay College. Throughout the lecture, the classical and Keynesian conceptions of macroeconomic relationships are contrasted.
How do people make decisions? There is a class of models in psychology which seek to answer this question but have received scant attention in economics despite some clear empirical successes. In a previous post I discussed one of these, Decision by Sampling, and this post will look at another: the so-called Fast and Frugal heuristics pioneered by the German psychologist Gerd Gigerenzer. Here the individual seeks out sufficient information to make a reasonable decision. They are ‘fast’ because they do not require massive computational effort to make a decision so can be done in seconds, and they are ‘frugal’ because they use as little information as possible to make the decision effectively.
This is an introductory level core course in macroeconomics for those expecting to take further courses in economics. It provides a theoretical and applied approach of introductory macroeconomics, with an international perspective and applications to account for the growing importance of the global economy and the rising openness of economies.
This content submission has two parts: (1) a link to the post by Wolf Richter on deterioration of US subprime credit card debt and loans, driven in part by the overuse of hedonic quality adjustments in the Consumer Price Index (CPI) used by the US Bureau of Labor Statistics, and (2) to introduce Exploring Economics to the website Naked Capitalism, which is an effort to promote critical thinking through the medium of a finance and economics blog and fearless commentary.
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 …
Nancy Fraser starts out by introducing the multidmiensional cirises of the 21st century Three dimensions are especially alarming to her the ecological the financial and social aspects of the crisis Fraser then revives the ideas of Karl Polanyi which he first presented in his 1944 book The great transformation She …
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