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How countries achieve long-term GDP growth is up there with the most important topics in economics. As Nobel Laureate Robert Lucas put it “the consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.” Ricardo Hausmann et al take a refreshing approach to this question in their Atlas of Economic Complexity. They argue a country’s growth depends on the complexity of its economy: it must have a diverse economy which produces a wide variety of products, including ones that cannot be produced much elsewhere. The Atlas goes into detail on exactly what complexity means, how it fits the data, and what this implies for development. Below I will offer a summary of their arguments, including some cool data visualisations.
This article, looks at the complex interaction between an urban economy and the vegetation within that urban area. In summary, numerous studies have found a positive link between increased vegetation and social as well as personal health. It makes a case for increasing urban vegetation as a way to benefit local economies.
Commons stand for a plurality of practices ‘beyond market and state’ as the famous Commons scholar – and first female noble prize winner of economics - Elinor Ostrom put it. Their practice and theory challenge classical economic theory and stand for a different mode of caring, producing and governing. Within this workshop we want to dive into theory, practice and utopia of Commons following four blocks...
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.
This lecture is based on the “Introducing the Economy” chapter from the Economy Studies book, which introduces the first building block in their framework for transforming the economics education. The aim is to give students a feel and
understanding of the economy as part of a bigger whole. Thus, it is aimed to introduce to students before getting into the economics curriculum with theory and models.
This innovative book offers targeted strategies for effectively and efficiently teaching economics at both undergraduate and postgraduate levels. It provides professors and other teachers of economics various techniques to engage and retain the interest of students, and challenges them to apply both knowledge and methodological tools to a range of economic problems.
"A serious reconsideration of the 'economics of science' is long overdue," say Philip Mirowski and Esther-Mirjam Sent in the introduction to Science Bought and Sold. Indeed, it is only recently that one could speak of a field of economics of science at all.
In this talk, Virgil Henry Storr, a Research Associate Professor of Economics in the Department of Economics at George Mason University, talks about his research into to post-disaster recovery and the role that social entrepreneurship plays in rebuilding the communities and social networks that get disrupted, or entirely eliminated.
The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and it will provide a simple short-run model which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into heterodox/post-Keynesian approaches towards distribution and growth.
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.
Want to learn more about behavioural economics and its application to public policy? Take this free course from the Behavioural Economics Team of the Australian Government.
Gender, Development, and Globalization is the leading primer on global feminist economics and development. Lourdes Benería, a pioneer in the field of feminist economics, is joined in this second edition by Gunseli Berik and Maria Floro to update the text to reflect the major theoretical, empirical, and methodological contributions and global developments in the last decade.
UBC's Henry Siu, a professor at the Vancouver School of Economics, speaks about innovation in economics, technological progress and what it means for the fut...
In this short talk 'Measuring the Danger of Segregation' Trevon Logan, Professor of Economics at The Ohio State University, explores the impacts of structural racism on economics and health.
Steven G. Medema is a Research Professor at Duke University. His research focuses on the History of Economic Thought, having published extensively on the issue of social costs of production (conceptualized as externalities in neoclassical economics). In this recorded seminar, he exposes his working paper on the history of the concept of externalities in economic literature, starting from Pigou’s “The Economics of Welfare” (1920), where Pigou makes the case for governmental intervention in the market where there is a divergence between private and social costs or benefits of a productive activity. T
Colanders Microeconomics 11e is specifically designed to help today’s students succeed in the principles of economics course and grasp economics concepts they can apply in their daily lives
Colanders Macroeconomics 11e is specifically designed to help today’s students succeed in the principles of economics course and grasp economics concepts they can apply in their daily lives.
"Leveraged" provides an authoritative guide to the new economics of our crisis-filled century with a focus on financial crises and financial economics.
Here we look at the effect of the 2008 Climate Change Act passed in Parliament in the United Kingdom as an effort to curb emissions in all sectors. The Act aside from setting goals to become a low-carbon economy sets up an independent committee on Climate Change to ensure the implementation of policies to comply with the ultimate goal of 80% reduction in total emissions in 2050. I make use of the Synthetic Control Method (SCM) to create a comparative case study in which the creation of a synthetic UK serves as a counterfactual where the treatment never occurred (Cunningham, 2018).
Renowned scholars elaborate a critique on neoclassical economics and how it was unable to predict and even favoured the financial crisis. They refer to DSGE models, equilibrium theory and rational agents – a brief insight in the critique on neoclassic economics.
In order to describe the global structure of the monetary and financial system and its effects on the global economy, most economics textbooks rely on unappropriated theories that provide nothing but outdated descriptions. In this talk, key speakers in economics, economic history and banking try to make this complex system a little more understandable by relying on real-world insights.
As tax day approached, St. Francis College Economics Professors launched their first Economics Week with three days of guest speakers and student research. Randall Wray explains some basic principles of Modern Monetary Theory.
The main goal of this website is to make Economics less confusing. You can explore what the discipline of Economics is and could be. Learn about basic Economic terms and jargon.
There are three things one can do in this website - 1. Learn 2. Help Teach 3. Sign up MOOC. This is a semester-long graduate course in Econometrics. This course is intended for graduate students in economics-related fields and more generally in social sciences. The course includes an overview of the models and theory and applications using Stata, R, or SAS
programs. This econometrics class covers about 15 of the most commonly used econometric models in economics, such as linear regression, panel data models, probit and logit models, limited dependent variable models, count data models, time series models, and many more.
New Tools of Economic Dynamics gives an introduction and overview of recently developed methods and tools, most of them developed outside economics, to deal with the qualitative analysis of economic dynamics. It reports the results of a three-year research project by a European and Latin American network on the intersection of economics with mathematical, statistical, and computational methods and techniques.
The world has changed dramatically in recent years and so has the field of economics, but many introductory economics textbooks have remained stuck in the past. This book provides a new beginning for the study of macroeconomics, fundamentally international in its approach and emphasizing current debates and research trends.
Karl William Kapp (1910-1976) was one of the forefathers of Ecological Economics. Influenced namely by the Frankfurt School, Institutionalist Economics and Pragmatist Philosophy, he contributed to debates on the social costs of production, economic planning, sustainable development and epistemology. I
‘We cannot afford their peace & We cannot bear their wars’:
Value, Exploitation, Profitability Crises & ‘Rectification’
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.
This essay focuses on the sources of government revenue within the Middle East and North African (MENA) region and proposes the implementation of a regional tax reset through increased taxation and tax reforms, deregulation in the private sector and economic diversification to reduce macroeconomic volatilities caused by the hydrocarbon industry.
Although sometimes used as synonyms, economic growth and economic development refer to different processes. While economic growth refers to an increase in real national income and output (i.e., GDP growth rate), economic development refers to an improvement in the quality of life and living standards (i.e., life expectancy).
MERCOSUR (Mercado Común del Sur or Common Southern Market) was the first formalized attempt to integrate South American countries economically and politically.
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