Economic Theory and Policies: New Directions After Neo-Liberalism P.Arestis & M.Sawyer Towards a 'New Economics': Values, Resources, Money, Markets, Growth and Policy T.Barker Replacing the Efficient Markets Hypothesis with a New Economics Approach G.Dimsky From Gender as Exogenous to Gender as Endogenous in the New Economics I.van Staveren Long-Term Uncertainty and Social Security Systems J.Ferreiro & F.Serrano Finance-dominated Capitalism in Crisis-The Case for a Global Keynesian New Deal E.Hein & A.Truger

This contribution attempts to go beyond the recent and current trends in terms of economic theory and policy. It is the case that the New Consensus Macroeconomics theoretical framework has dominated macro-economic analysis in recent years and has in effect underpinned many macroeconomic policies. However, given the current experience with the ‘great recession’ crisis, the question arises whether there is not a better paradigm and set of economic policies that can lead the economy to an improved economic performance. This is precisely the focus of this contribution. Our response is very much that there is. In this contribution we propose another theoretical framework before moving to economic policy questions. The general background to the theoretical framework is that the analysis is of a monetary production economy in which finance and credit play a significant role. It relates to an economy, which has degrees of instability, and there is often inadequacy of aggregate demand. The level and distribution of productive capacity can often be inadequate for underpinning the full employment of labour.

New Economics as Mainstream Economics

Economic Theory and Policies: New Directions After Neoliberalism

The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability.

Monetary Policy and Crude Oil

The Handbook of Heterodox Economics contains a significant variety of contributions invited and ordered according to a number of themes. One useful way to bring final order to the whole, and by way of conclusion, is to return to the issue of what heterodox economics is, and to emphasize the characteristics that make the varieties of heterodoxy common and valuable. Heterodox economics is important irrespective of innovation within the mainstream. Its collective potential is as a critical community subject to constructive pluralism, and its further characteristics establish it as a living body of knowledge that plays an important role as social science, able to address the most important questions.

New Economics as Mainstream Economics

Citations

Economic Theory and Policies: New Directions After Neoliberalism

Monetary Policy and Crude Oil

Heterodox economics as a living body of knowledge: community, (in)commensurability, critical engagement, and pluralism

Heterodox economics as a living body of knowledge

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