The Handbook of Pluralist Economics Education 1st Edition by Reardon Jack 9781135276027 1135276021

Part I The need for pluralism in economics education

1 Introduction and overview1

Outline of the book

I Part I: The need for pluralism in economics education

II Part II: Reclaiming the principles course

III Part III: Core theory courses

IV Part IV: Advanced courses electives

Notes

References

2 The meltdown and economics textbooks

Eleven ways to think like a post-crash economist

References

3 A revolution from the margin

References

4 Why economics needs pluralism

A specious individualism

Perfect competition

About the law of supply and demand

Perfect competition and ideology

About imperfect competition

About game theory

About asymmetry of information

The fallacy of reservation prices

Conclusion

Notes

References

5 History of thought, methodology, and pluralism

The methodology of economics

History of economic thought

Integrating history of thought and methodology into other teaching

Conclusion

Notes

References

Part II Reclaiming the principles course

6 The principles course

Standard course(s)

Considerations in the principles course

Three main approaches

Broader questions

A bigger toolbox: beyond the standard models

A bigger toolbox: beyond the standard methods

Conclusion

Notes

Brief annotated bibliography of classroom materials7

References

7 Teaching economics as if time mattered*

Time matters

The feedback method

A demonstration

Price–demand loop

Price–supply loop

Time delays

The complete model

How to read the model

Behavior of the model

Some pedagogical possibilities

Conclusion

Notes

References

Part III Core theory courses

8 A pluralist approach to intermediate macroeconomics

Macroeconomics for the real economy

Topics for pluralist macroeconomics

Macroeconomic measurement

Social structure and institutions

Pluralist agency

Uncertainty and risk

Unemployment and poverty

Underdevelopment and instability

Endogenous growth and increasing returns

Globalization

Money, finance, and volatility

Macroeconomic policy

Teaching tools

Appendix 1: shape templates (to be enlarged to A3)

Appendix 2: instructions for starting the game

Appendix 3: course outline suggestions

Session 1. Macroeconomic measures

Session 2. Social structures of power and inequality

Session 3. Institutions

Session 4. Pluralist agency

Session 5. The unpaid economy

Session 6. Unemphoyment

Session 7. Poverty

Session 8. Endogenous growth

Session 9. Increasing returns

Session 10. Globalization

Session 11. Trade, global value chains, and MNCs

Session 12. Money

Session 13. Financial markets and instability

Session 14. Macroeconomic policy: challenging the Washington Consensus

Session 15. Macroeconomic policy: the role of the state and civil society

Notes

References

9 A pluralist approach to microeconomics

Testing Marshall

Refuting Marshall

The shape of the market demand curve

From an empty shell to emergent properties

A political economy alternative

Starpower

Just the facts, ma’am

The law of constant marginal product

Dimensionality, habit, and rationality

Elements of a political economy microeconomics

Game theory

Conclusion

Appendix A: market simulation program

Appendix B: true profit-maximizing behavior

Appendix C: differing cost structures

Notes

References

10 Mathematics for pluralist economics

Should political economists use mathematics?

The Circuit School and the need for mathematics

Analytic methods for heterodox economics

Direct entry and numerical simulation of dynamic models

Flowchart models of system dynamics

Multi-agent simulations of complex interactions between heterogeneous populations

Mathematics for heterodox economics

Conclusion: of babies and bathwater

Appendix I: Lorenz’s model

Goodwin’s model

Circuitist model

Notes

References

Part IV Advanced courses/electives

11 Pluralism in labor economics

When you “assume”…

Key labor topics and pluralism

What is labor?

Wage determination

Wage differentials

Labor market structure

Topics of interest

Final thoughts

Notes

References

12 Sustainability economics

Interpretations of sustainable development

Traditional economics is incompatible with sustainable development

Economics is always political economics

Political economic person and political economic organization assumptions

Overview of orthodox and institutional economics

Democracy, sustainability assessment and decision-making

Thinking in non-monetary and positional terms

Key features of positional analysis

From orthodox monism to pluralism

Education for sustainable development

References

13 International economics

Part I: Evolution of the global economy

Part II Financialization and global unbalances in the twenty-first century

Challenges to development

Global unbalances

Social and cultural inequalities

References

14 Money, credit, and finance in political economy

Dynamic circuit of money capital

Endogenous versus exogenous money and credit

Industry–finance contradiction

Financial instability hypothesis

Financial and social structures of accumulation

Global money, payments, and prices

Finance and socio-economic development

Conclusion

Appendix 1: questions and discussion points

Appendix 2: useful journals to aid study and research in political economy money, credit, and finance

Appendix 3: useful references for political economy approaches to money, credit, and finance

Historical and general material

Endogenous v. exogenous money

Financial instability hypothesis

Financial social structure of accumulation

Industry–finance contradiction and financial crises

Government finance and Taxes-Drive-Money

Global money and finance

Finance efficiency and equity

Notes

References

15 Green economics

The core principles of green economics

Green economics and pedagogy

Conclusion

References

Part V Conclusion

16 Conclusion

References

Author index

Subject index