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In this interview, Daron Acemoğlu provides a definition of institutions as rules that govern how individuals interact and speaks about social, political and economic institutions. He furthermore presents his view on bad or good institutions and the importance of the latter. The video is part of a larger interview, where he elaborates his perspective on differing prosperities of states and the relation between growth and democracy.
Institutional Economics - Rethinking the Wealth of Nations
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
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
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 …
Decolonization of Methodology of 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 …
Putting Jurisprudence Back into Economics
The 2022 FIFA World Cup (including the construction work required for it) provides a clear example of economic activity that has taken place despite the financial costs to the Qatari state being an order of magnitude larger than the financial benefits it will receive. Whilst this is a fairly extreme case in terms of how many different costs and benefits are involved and how unequally they have been spread, many economic decisions are more complicated than mere financial calculations and it is therefore vital for students to be able to think about multiple dimensions involved in economic decisions.
The Economics of a World Cup in Qatar
This book presents a methodological framework for the analysis of intercultural issues frequently misinterpreted by existing theories. It uses a challenge-and-response theory of cultural development to examine the relationship between different natural disasters and threats and the developments of ancient civilizations.
Introduction to Intercultural Economics
The human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'.
Towards an Integrated Paradigm in Heterodox Economics
"Energy issues have always been important in international relations, but in recent years may have become even more important than in the past due to the widespread awareness of existing limits to energy sources and negative climate impacts. The course discusses global trends in energy consumption and production, various available scenarios for potential developments in the coming decades, the availability of oil reserves and the evolution of the oil industry. It then discusses natural gas and highlights the differences between oil and gas. It will also discuss renewable energy sources, nuclear energy and EU energy policy.
The course aims at providing students whose main interest is in international relations a background on energy resources, technology and economic realities to allow them to correctly interpret the political impact of current developments. It also aims at providing students, who already have a technical background in energy science or engineering, with the broad global view of energy issues that will allow them to better understand the social, economic and political impact of their technical knowledge."
Politics and Economics of International Energy
The current international financial system has created a huge gap between the wealthy and the rest. Grounded and straightforward in his approach, Brahm calls for a turn away from economic systems dangerously steeped in ideology and stymied by politics, outlining a new global consensus based on pragmatism, common sense, and grass-roots realities.
Fusion Economics
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
Monetary Economics
This introductory text explores the political economy of water by defining the subject and examining its key issues.
The political economy of water
As opposed to the conventional over-simplified assumption of self-interested individuals, strong evidence points towards the presence of heterogeneous other-regarding preferences in agents. Incorporating social preferences – specifically, trust and reciprocity - and recognizing the non-constancy of these preferences across individuals can help models better represent the reality.
A fresh perspective to economic theory: Social preferences and their impact on gender and policy
Mainstream economics was founded on many strong assumptions. Institutions and politics were treated as irrelevant, government as exogenous, social norms as epiphenomena. As an initial gambit this was fine. But as the horizons of economic inquiry have broadened, these assumptions have becomehindrances rather than aids.
Prelude to Political Economy
Extractivism is a development model based on exploiting and exporting raw materials. It is fundamental to reproducing entire societies, mainly in the Global South, while generating manifold dilemmas. This text situates extractivism within the broader landscape of global economic asymmetries, emphasizing the role of rents—excess revenues generated from resource extraction due to international price differentials—as a central analytical lens.
The Political Economy of Extractivism
The notion that the demand and supply side are independent is a key feature of textbook undergraduate economics and of modern macroeconomic models. Economic output is thought to be constrained by the productive capabilities of the economy - the ‘supply-side' - through technology, demographics and capital investment. In the short run a boost in demand may increase GDP and employment due to frictions such as sticky wages, but over the long-term successive rises in demand without corresponding improvements on the supply side can only create inflation as the economy reaches capacity. In this post I will explore the alternative idea of demand-led growth, where an increase in demand can translate into long-run supply side gains. This theory is most commonly associated with post-Keynesian economics, though it has been increasingly recognised in the mainstream literature.
It’s Demand All the Way Down
This course will introduce key concepts, theories and methods from socioeconomics. The first part of the course, will deal with the main economic actors and how their interactions are governed. Markets are seen as sets of social institutions. Institutions shape how consumers, firms and other economic actors behave. While it is difficult to understand how novelty emerges, we can study the conditions that are conducive to innovation. We will review how economic performance, social progress and human wellbeing are measured and what progress has been made. In the second part of the course, we will study a specific macroeconomic model that accounts for biophysical boundaries and inequality.
Foundations in Socioeconomics
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
A central question in development economics literature is, “Why do countries stay poor?” The key disagreements are whether the lack of economic growth stems from institutions or from geography (Nunn 2009). From an institutional perspective, hostile tariff regimes and commodity price dependencies form a barrier to a sectoral shift that would otherwise lead to economic development in developing countries (Blink and Dorton 2011) (Stiglitz 2006).[i]
Trade Barriers to Development explored through various lenses
This article reviews insights of existing literature on global care chains. A specific focus is laid on the impact that the refugee crisis has on global care chains and in turn how the crisis impacts the de-skilling of the women in the migrant workforce.
Global care chains, refugee crisis, and deskilling of workers
Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods.
A Time for Precaution
This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism
Pluralist Economic Analysis
L’idée fondamentale de l’économie écologique est que l’activité économique humaine est contrainte par des limites absolues. L’analyse porte sur les interactions entre l’économie, la société et l’environnement, avec pour objectif ultime la durabilité.
Économie écologique
One hundred years ago the idea of 'the economy' didn't exist. Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed.
The Econocracy
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
One method of economic modelling that has become increasingly popular in academia, government and the private sector is Agent Based Models, or ABM. These simulate the actions and interactions of thousands or even millions of people to try to understand the economy – for this reason ABM was once described to me as being “like Sim City without the graphics”. One advantage of ABM is that it is flexible, since you can choose how many agents there are (an agent just means some kind of 'economic decision maker' like a firm, consumer, worker or government); how they behave (do they use complicated or simple rules to make decisions?); as well as the environment they act in, then just run the simulation and see what happens as they interact over time.
Agents, agents everywhere
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