nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2022‒09‒19
four papers chosen by
Karl Petrick
Western New England University

  1. Sheila Dow's Open Systems By Davis, John B.
  2. "We need to offer something better to the scholars of the future": Some thoughts on the "Hodgson debate" By Heise, Arne
  3. "Reflections on Angela Merkel's Career as Chancellor of Germany and the Greek Financial Odyssey" By George K. Zestos; Harrison Whittleton; Alejandro Fernandez-Ribas
  4. Economic history and the future of pedagogy in economics By Brownlow, Graham; Colvin, Christopher L.

  1. By: Davis, John B. (Department of Economics Marquette University)
    Abstract: This paper reviews Sheila Dow’s contributions to open systems thinking as a form of methodological argument and as an important foundation for pluralism in economics. It reviews the origins of her thinking in connection with her distinction between Cartesian/Euclidian and Babylonian thinking in the history of economics, discusses the further development of her views regarding open and closed systems in her 2002 Economic Methodology book and in connection with her ‘structured pluralism’ concept, discusses the 2005 paper co-authored with Victoria Chick, “The Meaning of Open Systems.†examines Dow’s and Chick’s view and critique of critical realism in regard to the relationship between models and theorizing and uses Piero Sraffa’s 1930s the open-closed distinction to provide a similar understanding of such boundaries and the relationship between models and theorizing, and finally comments on Dow’s contribution to openclosed systems thinking and pluralism in economics.
    Keywords: open systems, Babylonian, Euclidian, structured pluralism, critical realism, Samuels, Sraffa
    JEL: B41 B50
    Date: 2022–08
  2. By: Heise, Arne
    Abstract: After the global financial crisis, hopes were high that there would be a pluralisation of the economics discipline and a boost for heterodox economics that challenged dominant economic models. However, mainstream economics once again proved its enormous resilience and the future of alternatives to this mainstream is anything but certain. Geoffrey Hodgson's new book on this issue has sparked fresh discussions about the stunted development of heterodox economics and proposals for possible ways forward. This article will argue that the crucial factor for the future of heterodox economics is not converging on a single unified paradigm or raising the quality of research, but rather gaining access to different kinds of capital, first and foremost professorial positions at universities. Such access is severely restricted under present conditions as a result of epistemological and ontological discrimination. Heterodox economics can only flourish if the epistemic community of economists embraces paradigmatic pluralism as part of their academic culture, or if regulations are put in place to secure access to such capital and so to academic freedom.
    Keywords: heterodox economics,pluralism,orthodox economics
    JEL: B50 B51 B52
    Date: 2022
  3. By: George K. Zestos; Harrison Whittleton; Alejandro Fernandez-Ribas
    Abstract: Angela Merkel is the second-longest-serving chancellor of modern Germany, with more than 16 years in office. During her tenure there were many years of economic stability, but there were also years of domestic, EU, and geopolitical tensions. Merkel inherited an economy that was recovering after the launching of probusiness policies known as the Hartz I IV Reforms, introduced by the government of the previous chancellor, Gerhard Schroeder. Chancellor Merkel was criticized for mishandling the eurocrisis, as she failed to declare support for the financially distressed eurozone countries. Instead she convinced EU officials and country leaders to adopt a contractionary fiscal policy in the midst of a recession. As a result of the austerity measures, Merkel became popular among the German taxpayers and voters. This triggered credit rating agencies to downgrade the government bonds of the periphery eurozone countries and investors to sell these bonds, driving their prices to zero. Periphery eurozone countries came close to bankruptcy but were jointly bailed out by the EU and the IMF, though this prolonged the crisis. As a result of the imposed austerity, which was unnecessary and avoidable, millions of people became unemployed and experienced poverty, loss of dignity, and humiliation and Greece was the country hit hardest. For Merkel, placing national interests above EU interests was the most important mistake in her career; it took, however, a bigger crisis (i.e., the COVID-19 pandemic), to convince Merkel to place EU interests above national interests.
    Keywords: Angela Merkel; Eurocrisis; Austerity; COVID-19; Greece
    JEL: F30 N10 N14 P16
    Date: 2022–09
  4. By: Brownlow, Graham; Colvin, Christopher L.
    Abstract: Economic history is integral to the study of economics and economies. Besides providing students with a valuable long-run perspective on the modern world, the field also helps them to better understand the contingency of economic theory. Despite a newfound interest in economic history among economists, teaching and learning in economic history at undergraduate level varies enormously across the UK. We review the different types of economic history provisioning in UK universities, account for the trends we document, and set out viable options for reform. We advance the idea that the teaching of economic history can be integrated into other higher-level undergraduate field courses, an approach we call "Teaching Economics With Economic History". We end by focusing on economic history teaching within the context of business schools.
    Keywords: economic history,pedagogy,undergraduate curriculum
    JEL: A22 B20 N01
    Date: 2022

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