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In this essay the authors argue for a wider concept of care work that includes community building, civic engagement and environmental activism. On the basis of the case of Cargonomia, a grassroot initiative in Budapest, they show that such a wider concept of care work could allow for different narratives that promote sustainable lifestyles with a milder environmental and social impact on the planet and its communities.
Reimagining the world of (care)work: the case of Cargonomia
The most successful multialternative theories of decision making assume that people consider individual aspects of a choice and proceed via a process of elimination. Amos Tversky was one of the pioneers of this field, but modern decision theorists – most notably Neil Stewart – have moved things forward. At the current stage the theories are able to explain a number of strictly ‘irrational’ but reasonable quirks of human decision making, including various heuristics and biases. Not only this, but eye movements of participants strongly imply that the decision-making process depicted in the theories is an accurate one.
The Quirks of Human Decisions, Explained
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
Firms are the primary places where economic activity takes place in modern capitalist economies: they are where most stuff is produced; where many of us spend 40 hours a week; and where big decisions are made about how to allocate resources. Establishing how they work is hugely important because it helps us to understand patterns of production and consumption, including how firms will react to changes in economic conditions and policy. And a well-established literature – led by post-Keynesians and institutionalists – holds that the best way to determine how firms work is to…wait for it...ask firms how they work. This a clearly sensible proposition that is contested in economics for some reason, but we’ll ignore the controversy here and just explore the theory that springs from this approach.
The ‘How Firms Work’ Approach to How Firms Work
The core of Georgism is a policy known as the Land Value Tax (LVT), a policy which Georgists claim will solve many of society and the economy’s ills. Georgism is an interesting school of thought because it has the twin properties that (1) despite a cult following, few people in either mainstream or (non-Georgist) heterodox economics pay it much heed; (2) despite not paying it much heed, both mainstream and heterodox economists largely tend to agree with Georgists. I will focus on the potential benefits Georgists argue an LVT will bring and see if they are borne out empirically. But I will begin by giving a nod to the compelling theoretical and ethical dimensions of George’s analysis, which are impossible to ignore.
It’s the Land, Stupid!
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.
GDP Growth: It’s Complicated
This lecture is all about the challenge to include heterodox approaches into macroeconomics. After giving an overview of recent approaches to that problem Professor Michael Roos presents the theoretical framework of Complexity Economics as a means to combine behavioral aspects with macroeconomics.
Behavioural and Complexity Macroeconomics
In this tenth lecture in INET’s “How and How Not to Do Economics,” Robert Skidelsky argues that there are two main reasons why economists should study history.
Economic History
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Monetary sovereignty is a spectrum: modern monetary theory and developing countries
Adam Smith's The Wealth of Nations provided the first, most influential and lasting explanation of the workings of modern economics. But with his focus on "the market" as the best mechanism for producing and distributing the necessities of life, Smith's concepts only told part of the story, leading to flawed economic models that devalue activities that fall outside of the market's parameters of buying and selling.
The Real Wealth of Nations
Have you ever thought about the role of civil society and the evolution of economy in one breath? This one hour long interview of Daron Acemoğlu (MIT) and Martin Wolf (Financial Times) by Rethinking Economy NL gives you much inspiration for it.
Socioeconomics of Disruptive Tech
This panel is about discussing the international development discipline from a critical perspective, exploring how the current practice entangles with Eurocentric/neo-colonial thoughts and how can we move beyond them.
Decolonise Development: Thoughts and Theories
"Despite the rediscovery of the inequality topic by economists as well as other social scientists in recent times, relatively little is known about how economic inequality is mediated to the wider public of ordinary citizens and workers. That is precisely where this book steps in: It draws on a cross-national empirical study to examine how mainstream news media discuss, respond to, and engage with such important and politically sensitive issues and trends.
Economic Inequality and News Media
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.
The principle of effective demand: Marx, Kalecki, Keynes and beyond
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.
Community revival in the wake of disaster: Lessons in local entrepreneurship
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.
Behavioural insights for public policy
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.
Gender, Development, and Globalization
Thomas Piketty's Capital in the 21st century is presented and the central argument that capital returns have historically exceeded growth rates, thus exacerbating inequality is illustrated.
An Introduction to Thomas Piketty's Capital in the 21st Century- A Macat Economics Analysis
In this TedTalk Dan O Neil explains why GDP and infinite growth are concepts that we should leave behind and which other perspectives have been developed Degrowth post growth well being or steady state economy The goal is to rethink a new paradigm that puts society and the environment at …
The Economics of Enough
Source image UMassEconomics Youtbe channel Stephen Resnick UMassEconomics University of Massachusetts Amherst
Marxian Economics Lectures
Think Academy Think Academy
Complexity Economics
Learn the basics of microeconomics including supply and demand of commodities and how equilibrium in the market affects price Joon Koo Lee edX Seoul National University
Introduction to Economics - Part 1: Microeconomics
Capitalism cannot fulfil the promises of the French revolution: Liberty, Equality, Fraternity. Why? Richard Wollf elaborates on Marx's analysis of the distribution and organisation of surplus in society and his conclusion that there is something inherently wrong in capitalist class structure that still causes economic crisis in our modern times. Change requires changing the organisation of the production. This goes far beyond a discussion of 'more-state' vs. 'less-state'.
Intro To Marxian Economics
How did economic growth become paramount as the public policy objective? Peter Victor discusses the role of growth within institutions, asks if it is possible to imagine a degrowth economy and discusses the role of grass-root movements.
Ecological Economics
Dani Rodrik, Professor of International Political Economy at Harvard's Kennedy School of Government, is teaching in this online session about the global rules under which the modern (free trade-focused) type of globalization operates and why, under such institutions, international community fails to deal with the climate change and pandemics.
Pandemics, Climate Change, and Global Economics: Where Did We Go Wrong in Globalization?
Yanis Varoufakis, former finance minister of Greece and the co-founder of the international DiEM25 platform, discusses the economic and political impacts of the Covid-19 Pandemic, in particular with regards to the Eurozone and southern European countries.
Coronavirus Economics and the Eurozone
Banner and Pastor debunk granted assumptions of the neoclassical theory, such as self-interested human behavior, the necessity of inequality and growth, to pull the threads between the new possible foundations of our society, "prosperity, security and community".
Solidarity Economics—for the Coronavirus Crisis and Beyond
This article briefly examines Marx s profound contribution in the political economic thought It provides the historical foundations of Marxian economic thought based on the contemporary situation as well as the state of economic thought at that time Lastly it discusses the volumes of Marx s contribution as well as …
Marxian economics
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
A Methodology of Pluralist Economics
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
Exploring Ergodicity Economics
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
Beyond indifference - An economics for the future
This lecture was held in the context of the a two day conference called Which pluralism for thinking about how to achieve a more sustainable and resilient economy The practices institutions and system logics of today s economy are not suitable for appropriately addressing fundamental human needs The climate crisis …
Caring the Care Sector - Contributions of Feminist Macroeconomics to Economics in the Post-COVID Era
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