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2018 | Buch

Introduction: The Financial Crash and Post-Crash Economics Kapitel lesen Erstes Kapitel lesen

Post-Crash Economics

Plurality and Heterodox Ideas in Teaching and Research

herausgegeben von: Dr. Omar Feraboli, Dr. Carlo J. Morelli

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book demonstrates the continuing relevance of economics for understanding the world, through a restatement of the importance of plurality and heterodox ideas for teaching and research. The Great Financial Crash of 2007–8 gave rise to a widespread critique of economics for its inability to explain the most significant economic event since the 1930s. The current straightjacket of neo-classical undergraduate economic teaching and research hinders students’ understanding of the world they live in. The chapters in this book provide examples to demonstrate the importance of pluralistic and heterodox ideas from across the breadth of economics. The authors’ plurality of approach is indicative of the fact that economics is a much broader discipline than the dominant neo-classical orthodoxy would suggest. This volume provides undergraduate students with a range of alternative ideas and university lecturers with examples whereby the curricula have been broadened to include pluralist and heterodox ideas.

Inhaltsverzeichnis

Frontmatter
1. Introduction: The Financial Crash and Post-Crash Economics
Abstract
This book undertakes an examination of the problems facing economics as a discipline taught in universities. It does so against a background when economics is more influential within public discourse than has been the case in decades while at the same time when the ideas typically identified as the totality of the economics are being fundamentally critiqued and challenged from both within and out with the discipline. The book, written from the perspectives of those engaged with the discipline from across a range of universities, seeks to provide some indication of where the discipline should look for more appropriate theories for the world we live in.
Omar Feraboli, Carlo J. Morelli
2. Student Reflections and Post-Crash Economics
Abstract
This chapter explores student demand for alternative and heterodox approaches to economic theory and the need for innovative methods of teaching economics which departs from neoclassical and orthodox views. The analysis builds upon the contributions delivered by students who participated in the 2016 Conference Teaching Economics in the 21st Century at the University of Dundee. All students call attention to the need for a change in the economics curricula to include innovative and heterodox ideas which go beyond the traditional neoclassical approaches.
Omar Feraboli

Problems in Business Economics

Frontmatter
3. Business Strategy, Economic Crisis and the Theory of the Firm
Abstract
Business organisation and strategy has permitted the introduction of a range of more heterodox theories linking economic history and business history. Coase’s ‘Theory of the Firm’ and Williamson’s ‘Transaction Cost Analysis’ broaden into an approach which identifies imperfect competition from within a traditional and familiar neo-classical framework. When placed within a business history context, and utilising contrasting debates over the managerial revolution and explanations of relative economic decline, business strategy begins to be open to more complex explanations for economic transitions and crisis. This complexity permits both a wider set of theories of crisis and a wider political economy, including post-Keynesian theories of market regulation and industrial policy and Marx’s ‘Tendency of the Rate of Profit to Fall’ to be developed.
Carlo J. Morelli
4. History of Contemporary Economic Thought: Radical Economics, Marxistmarxist Economics and MarxMarx ’s Economics
Abstract
By the mid-1970s the end of the (not so) long boom of the 1950s and 1960s sounded the death knell of Keynesian economics; in 2008 the shock of the near meltdown of global capitalism led commentators from a broad political spectrum to question the efficacy of neoliberal policies, particularly in relation to deregulated finance. Since 2008 it is hardly surprising that there has been a proliferation of books and articles criticising neoliberal capitalism and a revival of radical economics reflected, for example, in the popularity of the huge tome Capital in the Twenty-First Century by Thomas Piketty. This chapter examines debates in economics around the idea that the Great Recession of 2008/2009 has morphed into a long depression.
Jane Hardy

Problems in Micro Economics

Frontmatter
5. Applying Principles of Action Learning in Undergraduate Economics
Abstract
I report on the implementation of principles of action learning in undergraduate economics teaching at both the intermediate and advanced level. I define action learning as a form of experiential learning in which participants work together to resolve problems in the learning process. Reviewing students’ evaluation of the experience of action learning, I argue that in some settings they found it to be a good means of encouraging the emergence of a community of practice. Reflecting on students’ concerns about the extent to which it might be possible to engage in action learning effectively without deep subject knowledge, I argue that there is a need to recognize the epistemological structure of disciplinary knowledge as an important constraint on the implementation of action learning principles with undergraduate students.
Robbie Mochrie
6. Conceptual Fossils: Why Do We Keep Teaching Irrelevant Ideas in First Year Economics?
Abstract
The teaching of microeconomics in first year has become something of a ritual with similar content being taught in universities across the United Kingdom and around the world. As a result, innovation in both textbooks and courses seems to be confined to teaching methods or presentation. This has resulted in the preservation of what this chapter calls ‘conceptual fossils’. These are economic concepts or methods of teaching a concept that have no relevance to how modern economics is understood. The chapter shows how diminishing marginal utility is unnecessary, misleading, and has no real evidence in its favour, distracting students from more important ideas.
Martin Jones
7. The Present State of Economics: Errors and Omissions Excepted
Abstract
More and more often, confidence in the professional qualifications of individuals representing certain occupational groups which formerly were held in high esteem has started to erode. Dismissing scientific evidence and ignoring expert opinion has become a feature of political discourse around alternative truth. In part this is self-inflicted as various statements that are publicized with the aura of academic certainty do not stand up to closer scrutiny. Alas, this applies particularly to economics, which is often held up as the supreme discipline of social sciences. It suffices to take a look on page one of reasonably respectable printed media to recognize how important economics is in contemporary society. In this chapter, we highlight some issues from micro- and macroeconomics that are critical.
Dirk H. Ehnts, Fritz Helmedag
8. Teaching with Historical Perspectives: The Case of Development Economics
Abstract
This chapter presents a specific example of how a popular theme in Development Economics, namely sharecropping, can be taught by using a historical perspective. This approach allows the lecturer to move beyond the static categorisations of standard textbooks and provides a pluralistic approach to teaching that is historically framed with respect to both the contextualisation of the phenomenon under investigation and the exposure to how various systems of economic thought have looked at those phenomena and sets of variables throughout history. This brings a new method of teaching and learning, exposing students to the intellectual experience of analysing different schools of thought by showing them their historical contextualisation and evolution.
Daniela Tavasci

Problems in Financial Economics

Frontmatter
9. Teaching Reciprocity as the Foundation of Financial Economics
Abstract
The financial crises that have occurred since 2006 have been associated with a degradation in financial ethics. Since the teaching of derivative pricing is often undertaken in the context of abstract mathematics, the question arises of the role of mathematics in supporting financial ethics. At the heart of the Fundamental Theorem of Asset Pricing, the foundational theory of mathematical approaches to derivative pricing, is the concept of reciprocity. This chapter shows how reciprocity was reliant upon the emergence of probability theory before 1700, where a risk-less profit was seen as illicit. The chapter finishes with a discussion of how this ethical approach to financial economics is presented to undergraduate and, more advanced, post-graduate students.
Timothy Johnson
10. A Critical Approach to Teaching Financial Economics
Abstract
Finance is usually perceived as a set of quantitative techniques aimed at maximising profit and minimising risk. In this respect then, the quality of teaching financial economics is considered to be proportional to the number of techniques students are able to master. This chapter argues that finance can be taught by using a new approach, namely, the Teaching with Historical Perspectives. By using a historical perspective, this approach encourages a deeper understanding of financial theory. The chapter will provide some specific examples to illustrate the above points. The chapter concludes by reflecting on the teaching practice of mainstream finance and suggests that this can provide an opportunity to develop a critical perspective towards financial theory.
Luigi Ventimiglia
Backmatter
Metadaten
Titel
Post-Crash Economics
herausgegeben von
Dr. Omar Feraboli
Dr. Carlo J. Morelli
Copyright-Jahr
2018
Electronic ISBN
978-3-319-65855-1
Print ISBN
978-3-319-65854-4
DOI
https://doi.org/10.1007/978-3-319-65855-1

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