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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.
Economic sociology is an entire subfield and one could write an series on it, so I’m going to stick to probably the most prominent economic sociologist and the founder of ‘new economic sociology’, Mark Granovetter.
This paper is a product of an online workshop held in Nigeria on the topic Unemployment: Policy Review and Recommendations. It explores the various unemployment policies introduced by the Nigerian Government and analysis how effective they are and suggests some practicable solutions to solving unemployment problems in the country.
The workshop was organized by Rethinking Economics The Uploaders (RETU) as part of the project Solving the Major Economic Problem in Nigeria (SMEPN), an output of the Global Pluralist Economics Training (GPET).
More details here: https://www.retheuploaders.org/programs/SMEPN
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.
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 …
Caring activities are one central element of feminist economists' analysis – also since in particular unremunerated work is a blind spot in mainstream economics and most other economic paradigms. Those focus on the market sphere: activities are considered as productive and as real labour if they are remunerated and market-intermediated. Goods and services are considered as labour if they create a value which can be traded on the market. Feminist Economics remarks that this perspective creates certain dichotomies and consequent devaluations: unproductive – productive; private – public; unpaid – remunerated OR paid less – well paid; female – male; soft work – hard work; caring – rationality.
Trickle Down Economics - an old topic, but still present in our lives. The idea consists of deregulation of the economy and of lower tax for the top in order to increase the "size of the pie" so everybody would have a bigger piece, even with a smaller share.
In this talk, Eric Beinhocker outlines his ideas of how to ensure a just and sustainable future for Humanity: This includes his interesting Russian Doll approach to unpacking 20th-century economics and proposals of new theories to underpin a new economic system.
Overview page for the collection of nobel laureateas on Exploring Economics
In the pluralist showcase series by Rethinking Economics, Cahal Moran explores non-mainstream ideas in economics and how they are useful for explaining, understanding and predicting things in economics.
An overview of the last century economic theories asking what makes a heterodox economist. This lecture focuses on the evolution of the various academic traditions in economics. Lavoie presents his own typology for categorising seminal work within the post-Keynesian tradition while leaving space to acknowledge that categories are not binary, but can be used to help understand the different traditions, and how they have developed over the last decades.
In this lecture, Branko Milanovic gives an overview of the concept of inequality as conceptualized within the classical school of thought.
Podcast series with six 12-minute parts introducing the the values and ideas behind our neoliberal economic system: where it came from, how it spread, and how we could do things differently.
Are there any limits to government spending? In times of war, particularly? And what about the aftermath of such special times when treasuries seemingly feel unshackled from any rules? And are those times really any special? That is what this paper is about.
Exploring Economics, an open-access e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
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.
This course introduces students to political economy and the history of economic thought. We will cover the core ideas in various schools of economic thought, positioning them in the historical and institutional context in which they were developed. In particular, we will cover some economic ideas from the ancient world and the middle ages; the enlightenment; the emergence of and main ideas in classical political economy (Adam Smith, David Ricardo, Thomas Malthus, and others); Marx, Mill, and Keynes; European versus American economic thought through history; the rise of mathematical economics; economic theories around state-managed economies versus socialism; Austrian economics; behavioral economics; and the future of economics.
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.
Ecologcial economics conceptualizes our society as embedded within the environment and our economic system as embedded within society and the environment.
The world is regularly shaken by crises some are bigger others are smaller in scope Local turmoil military conflicts commodity scarcity bank runs health threats the history of mankind can be written as a history of crises Three major global crises occurred in the last fifty years alone the oil …
The usual background and distinctions between complexity and neoclassical economics are presented Neoclassical economics deals with perfectly rational representative agents this creates states of equilibrium On the other hand complexity economics relaxes these assumptions to deal with responsive agents in an uncertain dynamic environment this creates states of disequilibrium More …
Nancy Fraser starts out by introducing the multidmiensional cirises of the 21st century Three dimensions are especially alarming to her the ecological the financial and social aspects of the crisis Fraser then revives the ideas of Karl Polanyi which he first presented in his 1944 book The great transformation She …
In this short video, John Holmwood problematizes Marxian Economics from a post-colonial perspective.
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
The Nobel laureate Amartya Sen´s text analyzes three main figures in social sciences and the relation between them: the Italian economist Piero Sraffa, the Austrian philosopher Ludwig Wittgenstein, and the Italian politician and philosopher Antonio Gramsci.
This workshop offers an introduction to Degrowth and Ecological Economics. It starts by surveying the socio-ecological crisis and its pseudo-solutions, and then moves to Ecological Macroeconomics as a relatively recent field of scholarship within Ecological Economics.
After completing the module, participants should be able to analyse the concepts of degrowth, ecological unequal exchange, Green New Deal, and embeddedness by applying theories situated within the fields of academic research of Ecological Economics and Political Ecology.
This archive contains open access copies of most of the written work, including the books of Karl William Kapp (1910-1976) was one of the forefathers of Ecological Economics.
Course goals Learn about women men and work in the labor market and the household Learn to apply the tools of economic analysis to these topics and deepen understanding of these tools Develop the skills to think critically about gender issues including policy interventions Enhance understanding of how to analyze …
This course has dual purposes, to introduce students to the various stages of research and to provide an introduction to feminist perspectives on the politics of producing knowledge. Each student will learn how to be an interdisciplinary researcher while coming to understand the opportunities that feminism presents as a way of seeing, knowing, and representing the world.
An examination of women's changing economic roles. Includes an analysis of labour force participation, wage inequality, gender differences in education, intra-household distribution of resources, economics of reproduction, and how technological change affects women.
In this class we will explore how globalization shapes and is shaped by gender norms with a particular focus on questions related to ‘work,’ mobility and well-being.
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