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As part of a larger series on Just Transitions, the author describes how the current corona crisis comes with new economic policy responses which would have been considered unthinkable only a year ago. Arguing that with the current high levels of confidence in politicians and scientific advice, combined with the realisation that the market has not been able to solve this problem on its own, we are now in a unique position to implement a radically different solution than was politically possible previously.
A Social-Green Deal, with just transition—the European answer to the coronavirus crisis
Economists like to base their theories on individual decision making. Individuals, the idea goes, have their own interests and preferences, and if we don’t include these in our theory we can’t be sure how people will react to changes in their economic circumstances and policy. While there may be social influences, in an important sense the buck stops with individuals. Understanding how individuals process information to come to decisions about their health, wealth and happiness is crucial. You can count me as someone who thinks that on the whole, this is quite a sensible view.
Decision by Sampling, or ‘Psychologists Reclaim Their Turf’
Neoclassical Economics imposed itself over the past decades as the core of mainstream economics, largely influencing academia and policy making.
Clips on Climate: Neoclassical Economics
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.
Theories of finance and financial crisis: Lessons for the Great Recession
In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream 'New Consensus Model' (NCM), and allowing to derive a full macroeconomic policy mix as a more convincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.
Post-Keynesian macroeconomics since the mid-1990s: Main developments
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
This paper surveys the development of the concept of socialism from the French Revolution to the socialist calculation debate. Karl Marx’s politics of revolutionary socialism led by an empowered proletariat nurtured by capital accumulation envisions socialism as a “top-down” system resting on political institutions, despite Marx’s keen appreciation of the long-period analysis of the organization of social production in the classical political economists. Collectivist thinking in the work of Enrico Barone and Wilfredo Pareto paved the way for the discussion of socialism purely in terms of the allocation of resources. The Soviet experiment abandoned the mixed economy model of the New Economic Policy for a political-bureaucratic administration of production only loosely connected to theoretical concepts of socialism. The socialist calculation debate reductively recast the problem of socialism as a problem of allocation of resources, leading to general equilibrium theory. Friedrich Hayek responded to the socialist calculation debate by shifting the ground of discussion from class relations to information revelation
Socialist alternatives to capitalism I: Marx to Hayek
How did the coronavirus almost bring down the Global Financial System? What effects does monetary policy have on inequality? What role do Central Banks have in the social-ecological transformation? How could Central Banks tackle climate change? What is Central Bank Digital Currency?
Next Generation Central Banking
This article provides a contextual framework for understanding the gendered dimensions of the COVID-19 pandemic and its health, social, and economic outcomes. The pandemic has generated massive losses in lives, impacted people’s health, disrupted markets and livelihoods, and created profound reverberations in the home. In 112 countries that reported sex-disaggregated data on COVID-19 cases, men showed an overall higher infection rate than women, and an even higher mortality rate. However, women’s relatively high representation in sectors hardest hit by lockdown orders has translated into larger declines in employment for women than men in numerous countries. Evidence also indicates that stay-at-home orders have increased unpaid care workloads, which have fallen disproportionately to women. Further, domestic violence has increased in frequency and severity across countries. The article concludes that policy response strategies to the crisis by women leaders have contributed to more favorable outcomes compared to outcomes in countries led by men.
Feminist Economic Perspectives on the COVID-19 Pandemic
Is our system capable of energy transition and climate protection? How plural is economic policy in practice and who makes the big decisions? What kind of change do we want?
Energy and Climate Economics - Where do we come from and where do we have to go?
An increasing number of older women are facing uncertain economic futures. The Women in Economics Network (WEN) in Australia hosted a webinar to explore the emerging situation and public policy responses that can reduce the number of older women at risk of experiencing poverty and homelessness.
Women's economic wellbeing in older age
Sustainable Development has become dominant in policy debates in the last two decades. Standard models in neoclassical economics as taught in undergraduate classes fail to capture the complex relationships between the economy and the environment.
Using Academic Travel to Teach Sustainable Economic Development
Post-Colonialisms Today researchers Kareem Megahed and Omar Ghannam discuss the importance of industrial policy during the pandemic to improve domestic capacity for manufacturing essential goods.
Egypt's Past Industrialization Project: Lessons for the COVID-19 Crisis
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.
Women and Work
The policy briefing provides a data-rich overview over the budgets planned for public services in the UK and their connection to inflation expectations. It highlights the fact that inflation might lead to "invisible" cuts to public sector budgets.
Austerity by stealth
The Nawi Knowledge Portal is an open access repository that features for multi themed research outputs and knowledge products. They aim to amplify the work of African women working to demystify the space of macroeconomic policy from a Pan African feminist to the widest possible audience.
NAWI Collective - A Pan African Feminist Political Economy Collective
"Energy issues have always been important in international relations, but in recent years may have become even more important than in the past due to the widespread awareness of existing limits to energy sources and negative climate impacts. The course discusses global trends in energy consumption and production, various available scenarios for potential developments in the coming decades, the availability of oil reserves and the evolution of the oil industry. It then discusses natural gas and highlights the differences between oil and gas. It will also discuss renewable energy sources, nuclear energy and EU energy policy.
The course aims at providing students whose main interest is in international relations a background on energy resources, technology and economic realities to allow them to correctly interpret the political impact of current developments. It also aims at providing students, who already have a technical background in energy science or engineering, with the broad global view of energy issues that will allow them to better understand the social, economic and political impact of their technical knowledge."
Politics and Economics of International Energy
This course provides an introduction to the ILO’s Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy (MNE Declaration). The course uses real cases related to labour and employment issues as examples of how the MNE Declaration is used in practice or as guidance.
ILO - An introduction to the MNE Declaration
The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a 'pluralistic' heterodox perspective.
Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics.
The Routledge Handbook of Heterodox Economics
Geographical economics starts from the observation that economic activity is clearly not randomly distributed across space. This revised and updated introduction to geographical economics uses the modern tools of economic theory to explain the who, why and where of the location of economic activity. The text provides an integrated, first-principles introduction to geographical economics for advanced undergraduate students and first-year graduate students, and has been thoroughly revised and updated to reflect important developments in the field, including new chapters on alternative core models and policy implications.
The New Introduction to Geographical Economics
This book explores frontier work at the intersection of experimental and environmental economics, with cutting edge research provided by premier scholars in the field.The book begins by focusing on improving benefit-cost analysis, which remains the hallmark of public policy decision-making around the globe.
Using Experimental Methods in Environmental and Resource Economics
In "The Money Problem, "Morgan Ricks argues for a reform of the American monetary system. Taking up foundational questions of monetary policy, he asks: how would we construct a monetary system if we were starting from scratch? What are the characteristics of a monetary instrument?
The Money Problem
Mainstream textbooks present economics as an objective science free from value judgements; that settles disputes by testing hypotheses; that applies a pre-determined body of principles; and contains policy prescriptions supported by a consensus of professional opinion.
The economics anti-textbook
This book argues that mainstream economics, with its present methodological approach, is limited in its ability to analyze and develop adequate public policy to deal with environmental problems and sustainable development. Each chapter provides major insights into many of todays environmental problems such as global warming and sustainable growth.
Post Keynesian and Ecological Economics
This book provides a blueprint for those interested in teaching from a pluralist perspective, regardless of ideology. It provides educators, policy makers and students with helpful suggestions for implementing pluralism into pedagogy, by offering detailed suggestions and guidelines for incorporating pluralist approaches tailored to specific individual courses.
The Handbook of Pluralist Economics Education
Despite some diversification modern economics still attracts a great deal of criticism. This is largely due to highly unrealistic assumptions underpinning economic theory, explanatory failure, poor policy framing, and a dubious focus on prediction. Many argue that flaws continue to owe much of their shortcomings to neoclassical economics.
What is Neoclassical Economics?
Economists occupy leading positions in many different sectors including central and private banks, multinational corporations, the state and the media, as well as serving as policy consultants on everything from health to the environment and security. Power and Influence of Economists explores the interconnected relationship between power, knowledge and influence which has led economics to be both a source and beneficiary of widespread power and influence.
Power and Influence of Economists
Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism.
Africa's Last Colonial Currency
It is perhaps fitting that the seriousness of the coronavirus threat hit most of the Western world around the Ides of March, the traditional day of reckoning of outstanding debts in Ancient Rome. After all, problems and imbalances have accumulated in the Western capitalist system over four decades, ostensibly since it took the neoliberal road out of the 1970s crisis and kept going along it, heedless of the crises and problems it led to.
The Unexpected Reckoning: Coronavirus and Capitalism
This book gives a very clear overview of the history of Macroeconomics and how it has evolved. It reflects on the different perspectives and debates that have defined the field, with valuable insight into the history and theory of economic policy.
Modern Macroeconomics
In the last half century, economics has taken over from anthropology the role of drawing the powerful conceptual worldviews that organize knowledge and inform policy in both domestic and international contexts. Until now however, the colonial roots of economic theory have remained relatively unstudied. This book changes that.
Postcolonialism Meets Economics
This blog post reviews "Democratizing Finance", an edited volume that analyses and provides policy proposals to ensure that the financial system serves the public good. Mquzama undertakes the task of summarising the main takeaways from each essay in the book as well as an exposition of its shortfalls. While he acknowledges the necessity of the book's reimaging capitalism and the financial system in a way that is practical within the current economic and political structures, he also highlights its failure to look beyond the United States of America.
Book Review: Democratizing Finance
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