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Economics need to change - now more than ever! With Exploring Economics, we strengthen alternative economic approaches and counter mainstream economics with a critical and pluralistic vision of economic education. We also provide background analyses on current economic debates to strengthen a critical economic discourse.
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1116 results
In this one-on-one interview, co-host Gerardo Serra talks with Felwine Sarr, author of Afrotopia (2016) and professor of economics at Gaston Berger University in Senegal. Topics include the relevance (or lack thereof) of development economics to conditions in African economies, the significance of African philosophy for thinking about the economic problems of the continent, and the status of the field of history of economic thought in Africa.
Smith and Marx Walk into a Bar - A History of Economics Podcast
What made the false assumption that saving the economy at all cost during a pandemic so popular? This paper discusses different pathways through the COVID-19 pandemic at national and international level, and their consequences on the health of citizens and their economies.
How not to save the economy? The interplay of economics and health during the COVID-19 pandemic
Developmental economics
The roots of dependency theory
Recovery from the Covid-19 crisis provides a chance to implement economic measures that are also beneficial from environmental and social perspectives. While ‘green’ recovery packages are crucial to support economies tracking a low-carbon transition in the short-term, green measures such as carbon pricing are also key to improving welfare in the long-term. This commentary specifies the need for carbon pricing, outlines its implications for our everyday lives, and explains how it works alongside value-based change in the context of climate action and societal well-being.
Carbon Pricing: The Key to Open the Way Toward a Sustainable Recovery and Long-Term Wellbeing
This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
Dr. Katherine Trebeck explains some reasons why we should believe the future of the economy should be a wellbeing economy.
Why the Future Economy has to be a Wellbeing Economy
What’s inflation? Why is it relevant? And is there an agreed theory about its roots and causes, or is it a contentious concept? That’s what this text is all about: We define what inflation actually means before we delve into the theoretical debate with an interdisciplinary and pluralist approach: What gives rise to it, what factors might influence it, and, consequently, what might be done about it?
Inflation in economic theory
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
This brief note explores the possibility of working towards an enlarged self-definition of economics through economists’ study and appreciation of economic sociology. Common ground between economic sociology and heterodox economics is explored, and some of Richard Sennett’s ideas are used as prompts to raise some pertinent and hopefully interesting questions about economics. In particular, the note revisits the question of whether there is a possibility of changing our understanding of what kind of social scientific work falls within the domain of economics proper once we start critically engaging with work conventionally considered to be outside of that domain. In part, the note is intended to offer undergraduate students in economics – and possibly even those further down the road in their education – food for thought about what constitutes economics.
On the Possibility of an Enlarged Self-Definition of Economics
This report presents the results of the “Financial Mechanisms for Innovative Social and Solidarity Economy Ecosystems” project, designed to foster a better understanding of the different ways in which financial resources can be made available and accessed to support the growth of social and solidarity economy (SSE) organizations and their ecosystems. The project is supported by the Ministry of Labour, Employment and Social and Solidarity Economy of the Government of the Grand Duchy of Luxembourg.
Financial Mechanisms for Innovative Social and Solidarity Economy Ecosystems
The resource map contains links to a collection of resources related to the circular economy, which include videos, presentations, graphics, business case studies and articles. Many of the resources were created by the Ellen MacArthur Foundation, others are given credit where due.
Circular economy resources map
Tejashree Dewoolkar Sujatha Padmanabhan Ashik Krishnan Extraordinary work of ordinary people Vikalp sangam
Pandemic resilience in North East India
This article demonstrates Schumpeter s propagated approach to monetary analysis in macroeconomics so as to provide for a better understanding of the relation between finance and growth Peter Bofinger Lisa Geißendörfer Thomas Haas Fabian Mayer voxEU
Discovering the 'true' Schumpeter: New insights on the finance and growth nexus
The author discusses the various dimensions of the recent hike in inflation in the context of the United States and policy dilemmas around high inflation GDP decline and unemployment Servaas Storm Institute for New Economic Thinking
Inflation in a Time of Corona and War
In this famous article Michal Kalecki describes the three main reasons that push business leaders to reject the intervention of the government to ensure full employment i dislike of government interference in the problem of employment as such ii dislike of the direction of government spending public investment and subsidizsing …
Political Aspects of Full Employment
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?
The Money View Symposium was hosted by YSI on 5-7 February, 2021. The Symposium showcased the work of scholars and practitioners that make use of the so-called Money View, ranging from economists to lawyers, politicians and social scientists at large. The symposium aims to illuminate the main tenets of the Money View and to demonstrate its juxtaposition to the mainstream.
Money View Symposium 2021
This short video visualizes the destabilizing effects financial markets can have on food prices, based on a paper by Jayati Ghosh. It introduces and explains the idea of future contracts and how those are used to speculate with basic food stuffs. After establishing the concepts, the video sketches out how the increase in those practices resulted in a substantial rise and later collapse of food prices around 2008 with severe consequences for many developing countries and their people.
Food and Finance
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
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
Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders?
Capitalism & Boundaries
New challenges require new approaches. Is economics part of the problem or part of the solution? Probably both.
Diversifying Economics - an Introduction
In this webinar for the Princeton Bendheim Center for Finance, Nobel Prize winner William Nordhaus explains the main problems regarding the economics of a low-carbon energy transition.
Climate Compacts to Combat Free Riding in International Climate Agreements
This collection of videos offers a short introduction to ecological economics and its main differences with respect to environmental economics.
Short lectures on ecological economics
As the global economic landscape evolves, demographics shift, inequality expands, climate change gets worse and technology continues to advance at breakneck speed, Gross Domestic Product (GDP) is struggling to stay relevant.
Beyond GDP - Wellbeing Economy, Happiness Index and the postgrowth debate
The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background.
A holistic theory of financialisation
Der Klimawandel dürfte die globalen Migrationsbewegungen in den kommenden Jahren deutlich verstärken – was die Politik gleich an mehreren Fronten unter Handlungsdruck setzt.
Ob Klima-Migration ein Sicherheitsrisiko oder eine Chance darstellt, liegt in den Händen der Politik
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
Turning the ideas of #DoughnutEconomics into action.
Doughnut Economics Action Lab
After a brief illustration of sovereign green bonds’ features, this paper describes the market evolution and identifies the main benefits and costs for sovereign issuers. The financial performance of these securities is then analysed.
Green Bonds: the Sovereign Issuers’ Perspective
Public lectures on some Traditional Economic Solutions to poverty in Nigeria, specifically the Igbo Apprentice System, Yoruba Ajo Thrift Savings, and Hausa Integral Communalism.
Traditional Wealth Creation Schemes in Nigeria
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