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Environmental catastrophe looms large over politics: from the young person’s climate march to Alexandria Ocasio-Cortez’s Green New Deal, increasing amounts of political space are devoted to the issue. Central to this debate is the question of whether economic growth inevitably leads to environmental issues such as depleted finite resources and increased waste, disruption of natural cycles and ecosystems, and of course climate change. Growth is the focal point of the de-growth and zero-growth movements who charge that despite efficiency gains, increased GDP always results in increased use of energy and emissions. On the other side of the debate, advocates of continued growth (largely mainstream economists) believe that technological progress and policies can ‘decouple’ growth from emissions.
To Grow or Not to Grow?
Ecological economics explores new ways of thinking about how we manage our lives and our planet to achieve a sustainable, equitable, and prosperous future. Ecological economics extends and integrates the study and management of both "nature's household" and "humankind's household"—An Introduction to Ecological Economics, Second Edition, the first update and expansion of this classic text in 15 years, describes new approaches to achieving a sustainable and desirable human presence on Earth.
An Introduction to Ecological Economics, Second Edition
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.
Bounded Rationality: the Case of ‘Fast and Frugal’ Heuristics
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
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
Yes, Money is Endogenous. Who Cares?
After completing the module, participants should be able to understand the economic consequences of gender inequality. They should be able to explain the contradictions between capital and care, analyze the labor market with a gender perspective and develop the ability to describe phenomena such as public policies taking into account "gender" as a category of analysis.
Feminist Economics
The goal of this course is to explore these differences in economic outcomes observed among women and men, measured by such things as earnings, income, hours of work, poverty, and the allocation of resources within the household. It will evaluate women’s perspectives and experiences in the United States and around the world, emphasizing feminist economics.
Economics of Gender
Completing the Economics of Discrimination module, the students should have acquired knowledge and understanding of the existing similarities and differences of the definition and analysis of discrimination across economic theory and cultural theory.
Economics of discrimination
Representing everyone An Analysis of the Representation of Migrant Women by official Labour Organizations in Germany Author Tess Herrmann Review Deborah Sielert This is an essay of the writing workshop Gender and the Economy Perspektives of Feminist Economics published on 17 May 2017 updated on 16 August 2017 Why we …
Representing everyone – Migrant Women's Representation by Labour Organizations in Germany
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.
Development Economics
Surviving the Future is a story drawn from the fertile ground of the late David Fleming's extraordinary 'Lean Logic: A Dictionary for the Future and How to Survive It'. That hardback consists of four hundred and four interlinked dictionary entries, inviting readers to choose their own path through its radical vision. Recognizing that Lean Logic's sheer size and unusual structure can be daunting, Fleming's long-time collaborator Shaun Chamberlin has selected and edited one of these potential narratives to create Surviving the Future. The content, rare insights, and uniquely enjoyable writing style remain Fleming's, but are presented here at a more accessible paperback-length and in conventional read-it-front-to-back format
Surviving the Future
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?
Free trade in economic theories
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
Understanding international trade is central to economics and is currently a hot political issue. It’s an area where popular perceptions of mainstream economics are low, since they have historically missed some important downsides of trade agreements, especially the hollowing out of former manufacturing hubs in the Western world. et economists have for long time had a theory of trade with an impressive amount of scientific clout behind it: the gravity trade model.
A Theory of Enormous Gravity
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.”
Statistics for Feminists
The Centre for Economy Studies works on improving and modernising economics education to ensure that students will be better prepared for their future careers and the societal challenges we face today and in the coming decades. The Essential Lectures are teaching packs designed for 90-minute sessions that can be added to existing courses.
Economy Studies Essential Lectures
Aim of this intensive workshop is 1.) to introduce the participants to the macroeconomic workings of the climate crisis as the background of sustainable finance; 2.) to introduce financial assets with ESG (Environmental, Social and Governance) criteria attached to them and their markets and important institutional players; 3.) to provide a critical perspective on the current setup of sustainable finance; 4.) and to work on in-depth case studies illustrating the workings on ESG-finance markets, its emitters and traders as well as their macroeconomic implications.
Sustainable Finance – Hoax or necessity. A global perspective
For many social critics "globalization" is a signpost of “late-capitalism” with the rise of multinational corporations, mass consumption and the multidirectional flows of capital, labor, media, communication, ideologies and social movements across national borders. Feminist analyses of globalization and the gendered and sexualized permutations of these phenomena offer a critical stance for theorizing these processes, and for studying their complex articulations across time and space.
Feminist Inroads in Epistemology, Method, and Theory
This syllabus provides an overview of the contents of the course "The Philosophy and Methodology of Economics" at the Duke University
The Philosophy and Methodology of Economics
After completing the module, participants should have gained a basic understanding of the economic school of thought referred to as "Modern Monetary Theory" and should be able to analyze the monetary processes at play in the economy and evaluate fiscal and monetary policy decisions from an MMT-perspective.
Introduction to Modern Monetary Theory
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
After completing the workshop in Post Keynesian Economics participants should be able to describe the main differences and similarities between PKE and other schools of thought.
Post Keynesian Economics
The Learning Economy and the Economics of Hope' brings together the most important contributions by an expert on policies, management and economics of innovation and knowledge. It offers original insights in processes of innovation and learning and it draws implications for economic theory and public policy. It introduces the reader to important concepts such as innovation systems and the learning economy.
The Learning Economy and the Economics of Hope
After completing the module, participants should have knowledge and understanding about the theory of Critical Political Economy and its basic methods. They should be able to apply central concepts to analyse critical questions regarding the embeddedness of economic relations within broader social, political and ecological relations.
Marxist Political Economy
Noneconomists often think that economists' approach to race is almost exclusively one of laissez-faire. Racism, Liberalism, and Economics argues that economists' ideas are more complicated.
Race, Liberalism, And Economics
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
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
The book is a collection of 51 texts by different scholars and activists, who each adds a dimension/perspective to the topics of degrowth and societal transformation. A societal transformation towards a degrowth society is dependent on a lot of ideas coming together and creating change from various starting points within a society. Therefore, the authors are quite diverse and their contributions vary from being philosophical, natural science based, economic, sociological and so forth. Some are specfiically focused on a concept and others are a more broad critique of e.g., capitalism or growth.
Degrowth
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’
Aim of this intensive workshop is to understand macroeconomic workings of climate change as as the background of sustainable finance; to analyse financial assets with ESG (Environmental, Social and Governance) criteria attached to them and their markets and important institutional players; to develop a critical perspective on the current setup of sustainable finance; and to synthesise this knowledge by applying it on in-depth case studies.
Sustainable Finance
Pluralism includes mainstream economics. Our campaign for pluralism, including this series, have generally focused on ideas outside the mainstream on the basis that it gets plenty of attention already so we want to spend our time exposing people to alternatives. Nevertheless, mainstream ideas deserve some attention. On top of this, a curious feature of modern economics education is that some of the best ideas from mainstream economics are not even taught to undergraduates! During this series I will explore such ideas, starting today with the market construction technique known as ‘matching’.
It's a match!
How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone's guess. But even if the pandemic's economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front lines of the outbreak.
The COVID-19 Debt Deluge
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