Heterodox Economics Newsletter

Issue 317 October 02, 2023 web pdf Heterodox Economics Directory

It was a great pleasure to take part in this year’s great EAEPE conference, that took place in Leeds some weeks ago. I always enjoy the pluralist spirit of EAEPE, the theoretical and methodological diversity it incorporates and the fact that the participants are patient and open-minded so that conversation across different heterodox traditions, social science disciplines and cultural backgrounds goes smoothly. In addition, I was super-happy to see so many old friends as well as a huge amount of young and talented people, which gives me some hope in times of overlapping crises.

Experiences like these stand in stark contrast to those occasions, where I am invited to speak to more mainstream audiences. In such contexts, I always try to be as patient and polite as possible. Not only because that’s how I try to be anyway, but also because me identifying as pluralist/heterodox is, in my experience, already a sufficient source of irritation. Similarly to EAEPE, (most) conversations go smoothly when approached this way and I always consider this a great opportunity for learning. Nonetheless, over the years I noticed some bingo-like-patterns in these contexts that seem noteworthy. So here it is my preliminary list of

## „the four somewhat awkward things that typically happen when I am invited in a mainstream context“ ##

(1) You are expected to know mainstream views & debates, while it is legitimate to be ignorant towards alternative perspectives.

Almost all conversations are lop-sided in the sense that you should be somewhat conversant about mainstream theory, people and policy views to taken seriously. At the same, when you try to explain some heterodox concept or work, you are often quickly interrupted with advice to read up on some paper, that, maybe, incorporates some aspect of what you are speaking about in a mainstream framework. While this advice is generally constructive, it often comes so quickly that it seems to signal: „I don’t have to know this, I don’t wanna know this“, tacitly suggesting that heterodox approaches are superfluous once you have studied the recommended mainstream paper.

(2) You are filed as politically radical

In a mainstream audience, you will quickly find people aiming to enlighten you by pointing towards the fact that „very left-wing things can be done with mainstream economics when interpreted in the right way“. Hmmm, ok, for me this is always baffling. Believe it or not, I try to choose those theoretical concepts and approaches that have the best fit given a specific situation or problem (while mainstreamers use those, which are publishable in the top 5-25 ;-). Indeed, whether some model or approach aligns with my personal policy views is not something I care much about.*

(3) You are confronted with a self-contradictory stance

Confronted with criticism or alternative views as contrasted to textbook economics, people will quickly tell you that you present a totally obsolete version of economics that has nothing to do with the actual research and thinking, that coins modern econ departments. Then, at the casual dinner conversation, you often have to count very quickly to collect all the implicit and explicit references to simply textbook schemes, like rational agents or perfect-competition-like supply-and-demand frameworks.

(4) You will bring up bad memories

You get at least one story about: „the lazy heterodox colleague that got frustrated and annoying“ / „the ignorant students that should first take the time to understand basic models“ / „the one heterodox instructor that gave a bad class with outdated stuff“ / „the presumably also heterodox person, who ranted at me on Twitter“. It is not fully clear why this story is told, probably to explore to what extent I would be inclined to defend such malicious behavior ;-)

In my view these points should not be taken as a personal rant, but, rather, provide some lessons about how deeply paradigmatic foundations and the investment in one’s own skills and past works associated with such foundations coin one’s own professional (and sometimes also personal) identity. Hence, there is a notion of ‚cognitive dissonance‘ in all the four points mentioned above that may serve as a beacon of hope for establishing a theoretically more inclusive discourse in economics (in the still somewhat far future ;-)

At the same, let me make clear, that notwithstanding these somewhat regular and noteworthy patterns I very much enjoy cross-paradigm and cross-disciplinary interactions – and this also holds for my cherished mainstream colleagues!

All the best,


* I could indeed name a few findings throughout my career, which had political implications that ran counter to my personal policy views (getting lower multipliers than expected is just one instance ;-).

© public domain

Table of contents

Call for Papers

7th International Conference on Economic Philosophy (Reims, May 2024)

29-31 May 2024 | Reims, France

Conference Theme: Market(s) and Democracy

The 7th International Conference on Economic Philosophy will be held in Reims on May 29th-31st, 2024. It is organized at the University of Reims Champagne-Ardenne by the REGARDS economics and management research center. As in the 2023 edition, on the eve of the conference (May 28th), a young scholars’ workshop will be held.

This 7th edition of the conference will focus on the theme “Market(s) and Democracy”. All contributions in economics and philosophy broadly conceived on this theme are especially welcome. We also invite contributions on any other topic related to economic philosophy.

Markets and democracy figure, at least in contemporary Western societies, as two of the most significant collective decision procedures. Markets have been at least since the 19th century the main device to allocate resources among members of society. Democracy as a general form of political regime is the main procedure to allocate political power, produce public goods, and, ultimately, choose public policies. Their articulation through a division of labor that aims to promote economic and political openness, competition, and accountability is often presented as a constitutive feature of “open access orders” as characterized by some economists and political scientists. This simple and general view about the importance and complementary of markets and democracy hides however many interesting complexities. From an economic philosophy perspective, it invites us to explore at least three general sets of considerations:

First, there is a widespread tendency among economists and political scientists to endorse the analogy between markets and democracy. The analogy partly builds on notable attempts to develop an economic analysis of democracy that identifies a “political market” where a political supply meets a political demand. This approach studies the political market with the traditional economic tools of rational choice and game theory. At the analytical level, it is also motivated by the observation that markets and democracy can be both interpreted as collective decision procedures of their own. Though they significantly differ regarding their specific mechanisms and objectives, they nonetheless share formal attributes that make them amenable to an analysis in terms of collective choice rules. The appeal of the analogy also has more normative roots. It builds in particular on the normative belief that both consumers and citizens should be sovereign. Some critics have however argued that the market/democracy analogy is not only misguided but has also had a detrimental performative effect by reinforcing a conception of democracy where citizens behave as passive consumers.

Second, a long-enduring concern has been that far from being complementary, markets and democracy are actually in conflict and that the development of the former ones is likely to undermine the other. This concern has taken many shapes and has been pushed in different directions. Libertarians for instance tend to regard democracy as an illegitimate substitute of markets to allocate resources and make collective choices, even in the case of public goods. On the other hand, many social scientists have entertained the idea that the development of markets has weakened traditional norms but also the civic and political values that sustain any healthy democracy. It is not uncommon to find a version of this thesis according to which markets (e.g., financial markets) are stripping citizens of their legitimate right to collectively decide their fate. This view of the relationship between markets and democracy is in striking contrast with more optimistic accounts that single out their complementary as part of the “inclusive institutions” that favor economic development.

Third, the prevalence of markets and democracy in contemporary Western societies echoes Francis Fukuyama’s largely discussed thesis that the fall of the Soviet Union meant the triumph of market-based capitalism and liberal democracies. More than thirty years after this proclamation, economic and political developments urge us to reconsider the possibility that neither markets nor democracy – at least in its liberal version – may be the ultimate social institutions making it possible for us to live together. Amid the 2007-2009 financial crisis and the rise of economic inequalities, there is growing discontent with the market-based economy and the public policies that are promoting it. But this discontent is also directed toward democracy, at least under its representative form. On the one hand, more and more citizens are calling for more popular, direct, and inclusive forms of democracy. On the other hand, polls suggest that, especially in Western European and North American countries, the support for democratic values and institutions is weakening in favor of more authoritarian forms of government. Finally, some indicators strongly suggest that the combination of market-based economic and democratic political institutions characteristic of liberal democracies is losing ground worldwide.

These three sets of considerations revolve around the same general twofold question of (i) the distinctive nature of societies that rely on markets and democracy to make collective choices and (ii) what makes these societies normatively appealing (or not). This question is broad and can be explored from a large range of theoretical perspectives and empirical methods that are constitutive of the diversity of approaches at the intersection of economics and philosophy. We welcome in particular contributions about the relationship between markets and democracy that use formal tools and models from the social sciences (game theory, social choice theory, agent-based modeling, …); that mobilize the history of ideas; that adopt an interdisciplinary approach combining political or social philosophy with normative economics or political economy; and that take a feminist perspective.

Contributions can therefore tackle a large range of themes, among which figures for instance:

All contributions to this theme in economics, philosophy, and related disciplines are welcome. We also invite contributions on any other topic related to economic philosophy. We encourage submissions from members of underrepresented groups.

Propositions must be exclusively submitted through the website of the conference. Propositions of complete sessions can also be submitted. They must be sent by email to the following address: 7philoeco@univ-reims.fr. The deadline for the submission of contributions and full sessions is 15 November 2023.

For more information, please contact the organizers of the conference (7philoeco@univ-reims.fr).

Deadline for submissions: 15 November 2023

20th International Conference of the Charles Gide Association (Bordeaux, June 2024)

20-22 June, 2024 | Sciences Po Bordeaux, France

The 20 international conference of the Charles Gide Association aims to examine the notion of "solidarity" in the light of the history of economic thought, while taking a multidisciplinary approach by calling on social sciences such as sociology, anthropology and political science, as well as philosophy, history, law and management sciences. It will be held at Sciences Po Bordeaux from June 20 to 22, 2024.

Nowadays, "solidarity" has a prescriptive and moral meaning, reflected in calls for donations and generosity. The term has a plural and polyphonic history, clearly reflected in the questions and controversies in social sciences.

The 20 Gide Conference will examine the astonishing plasticity of the notion of solidarity. However, the history of economic thought is also used to shed light on contemporary issues. New questions call for new histories. The 20 Gide Conference intends to mobilize the potential of the notion of solidarity to shed light on the major issues of our time, and to do so in several ways:

(1) International solidarity.

(2) Solidarity in the social and solidarity economy

(3) Solidarity in social protection

Deadlines and submission:


The Revue d’histoire de la pensée économique will publish a special issue on the theme the conference : “Solidarity”. To this end, a dedicated call for papers will be issued at the end of the conference (summer 2024). You will be invited to submit your article proposals and thus enter the journal's usual evaluation process: https://classiques-garnier.com/revue-d-histoirede-la-pensee-economique.html

Please note:

When submitting your proposals, please specify the relevant theme:

  1. Solidarity (conference theme)
  2. Symposium Economics and Literature
  3. History of Economic Thought and Economic Philosophy

Registration fees :

Organizing committee : Jérôme BALLET, Éric BERR, Christophe BOUNEAU, Jean-Philippe BERROU, Benjamin BÜRBAUMER, Quentin CHAPUS, Pierre CRÉTOIS, Timothée DUVERGER, Frédéric GASCHET, Hala GHARIB, Claire GONDARD-DELCROIX, Xabier ITÇAINA, Emmanuel LABARBE, Edwin LE HÉRON, Alban MATHIEU, Nadja NADEAU-WEILL (intern), Alexandre PERAUD, Emmanuel PETIT, Alain PIVETEAU, Nathalie VANFASSE, Tristan VELARDO

Conference website and Contact email.

Submission Deadline: 15 December, 2023

32nd IAFFE Annual Conference (Rome, July 2024)

3-5 July 2024 | Rome, Italy

Conference Theme: "Caught between the digital Revolution and a crisis of Democracy: Feminist Economics Responses and Imaginations for the Future"

The 32 IAFFE Annual Conference is taking place from 3-5 July 2024 in Rome, Italy.

Technological advances such as artificial intelligence, 3-D printers and digitalization bring the utopian visions of an egalitarian abundance economy akin to Trekonomics ever closer. Yet the current political landscape characterized by authoritarian populism, political and social polarization, evokes a dystopian Handmaid’s Tale economy. The potential for improved wellbeing- for-all offered by technological breakthroughs is hindered by the persisting neoliberal economic paradigm and receding political spaces. There is widespread acknowledgement of the ecological crisis, the cost of living and economic crisis, vast inequalities in income and wealth distribution, a crisis of politics and democracy, a crisis of care, the migration crisis and armed conflicts, all of which intertwine through their different dimensions. But the gap between diagnosis of problems and implementation of effective policies remains persistent, as politics fails to provide solutions. Instead, it is increasingly characterized by governance failures at multiple levels. An alarming factor is the strong backlash against the progress achieved by feminist, LGBTQ+ and human rights movements, culminating in a regime of gender apartheid in some places. Many, in particular the younger generations, feel alienated from political spaces, struggling to identify with any political party or movement, facilitating emergence of political homelessness.

Against this backdrop, the 2024 Conference theme aspires to provoke critical reflection on feminist economics responses to the present and imaginations of the future. We invite debates on the following questions: What are the contributions of feminist economics to interpreting the current global landscape of multiple intertwined crises and rapid technological change? Where do women stand in their heterogeneous identities, as subjects and agents in the crisis of democracy, polarization and rising authoritarianism? What are the forward-looking strategies, concrete solutions and models that emerge from feminist economics towards reaping the benefits of technological change for all towards an egalitarian, sustainable and resilient economic order? To what extent does feminist economics carry the potential to provide an ideological home to women, younger generations and others who wish to see progressive policies?

This Conference will provide a forum for scholarship and inquiry that recognizes the interdisciplinary nature and methodological pluralism of our field, and that addresses the question of how progressive economists can affect policy in today’s increasingly polarized political landscape. We accept paper, poster, session and panel proposals which engage in feminist economics inquiry of a broad range of issues at the theoretical, empirical, policy and action levels.

SUBMISSIONS: The submission portal will open 20 October 2023. Abstracts (400 words max.) must be submitted online. Submissions can be made for individual papers, posters, organised sessions of papers, or panels/roundtables. Submissions can be made in English, Italian or Spanish. We expect to have simultaneous interpretation provided for conference plenaries and selected sessions. Participants are limited to one paper presentation and one roundtable/panel appearance. [

Additional co-authored papers are allowed only if they are presented by the co-author. These limitations allow participation by a maximum number of participants. Please contact conference@iaffe.org with any questions or concerns.

Submission Deadline 22 November 2023

Capital and Class: Special Issue on "Political Marxism and Open Marxism"

The Journal Capital and Class is calling for abstracts for a special issue in the journal Capital and Class to foster a conversation between two of the most innovative strands of contemporary Marxist thought: Political Marxism and Open Marxism. We feel that this has been a neglected area of academic study, and that despite important differences in their approaches, there is great scope for productive cross-pollination between these two Marxist traditions.

This Special Issue will examine divergences and convergences between Political and Open Marxism. We invite papers that explore how these Marxist traditions approach the following themes and more (the list below is not exhaustive):

Full call for papers available here.

Please send abstracts (maximum 250 words) and any enquiries to email.

Special Issue editors: Jack Copley, Alexis Moraitis, Javier Moreno-Zacarés, Teddy Paikin, Sam Salour

Deadline for abstracts: 15 October 2023

Metroeconomica: special issue on "Luigi Pasinetti on capital: critical and constructive aspects"

Context and motivation:
Capital theory is one of the fields where Luigi Pasinetti provided outstanding and original contributions. From his enlightening exposition of Joan Robinson’s ‘spectrum’ of techniques and the Wicksell effect (Pasinetti, 1958, 1978); to his sharp analysis of the impossibility of ordering the techniques of production monotonically according to their degree of mechanization, so that an increase of the rate of profit may bring about a reduction but also an increase in the value of capital per worker (Pasinetti, 1965, 1966), as well as the refutation of Robert Solow’s attempt to provide an expression of the marginal productivity of capital for the society as a whole (Pasinetti, 1969). These contributions by Pasinetti, together with significant others by Pierangelo Garegnani, triggered a major criticism to neoclassical capital theory, and more generally, to the entire logical structure of marginalist theories. Many authoritative neoclassical economists took the blow: some of
them admitted the problems, others tried to minimize them, whilst others tried to circumvent them by reformulating the general equilibrium model in such a way to overcome the problems addressed at the cost of introducing further assumptions that, at best, significantly reduced the explanatory power of the model. Together with Joan Robinson, Piero Sraffa and Pierangelo Garegnani, Luigi Pasinetti can certainly be regarded as an originator of the strand of criticism to the internal logic of the marginalist/neoclassical approach. Alongside this, he also gave several positive contributions to capital theory, which were mainly conceived in view of the construction of his model of structural economic dynamics (Pasinetti, 1963, 1965, 1981, 1993). In particular, one of the first of these contributions, concerning the notion of vertical integration in multi-sectoral models of production, was published in Metroeconomica in 1973 (Pasinetti, 1973).

Aim and Topics:
This special issue of Metroeconomica aims to collect new contributions which can shed light on the complicated relationships between production relations, distributive variables and relative prices, following or inspired by the work of Luigi Pasinetti. In particular, we call for original contributions on the following themes:

  1. Criticism to the notion of capital as a single magnitude adopted within various fields of contemporary economic analysis;
  2. Criticism to the notion of temporary and intertemporal equilibrium;
  3. Reswitching of techniques, reverse capital deepening: empirical evidence, analytical plausibility and economic consequences;
  4. Sraffian treatment of produced means of production (fixed and circulating capital) with applications.

Timeline and other details:
Deadline for abstract submissions to the guest editors: Sunday, 22-October-2023; Notification of approval of the submission for the special issue: Sunday, 15-November-2023; Submission of full papers to Metroeconomica: Sunday, 30-June-2024; Note: submission to Metroeconomica is done through the website https://editorialexpress.com/cgi-bin/e-editor/e-submit_v7.cgi?dbase=meca indicating in the field "notes": "paper submitted to special issue ‘Luigi Pasinetti on capital:
critical and constructive aspects’. Scholars interested in submitting a full paper are invited to submit a manuscript proposal with a title and abstract of (approximately) 400 words by e-mail to Enrico Bellino (enrico.bellino@unicatt.it) and Ariel L. Wirkierman (a.wirkierman@gold.ac.uk). The guest editors will select proposals on the basis of their fitting the aims and scope of the special issue. The managing editors of Metroeconomica will follow the usual refereeing process of Metroeconomica.

Submission Deadlines: 22 October 2023

URPE at the Eastern Economic Association Annual Meetings (Boston, February 2024)

20 February - 3 March 2024 | Boston, USA

The EEA announces the call for papers for the 2024 meetings. Papers in all topic areas of economics and business are accepted. Individual papers as well as fully organized sessions are accepted, with submission fees waived for full sessions consisting of at least three papers. Additionally, papers of some allied groups are also accepted through our portal.

Submissions should be sent through our online submission link.

Early submissions deadline is October 15, 2023, and general submissions are due by November 15, 2023.

Submissions for groups such as IPE, URPE, CSWEP, and the rest are also handled through the portal.

For any additional inquiries please Alex Olbrecht at aolbrech@ramapo.edu.

Submissions deadline: 15 November 2023

Hotel Deadline: 30 January 2024


URPE members are invited to submit entire organized sessions or individual papers to URPE for our participation in this year's 50th Eastern Economics Association Annual Conference to be held in Boston February 29 – March 3, 2024. In its eighteenth year, URPE @ EEA is continuing to provide a forum for URPE members and economists across the heterodox spectrum to meet and engage with each other, and continue to develop the frontiers of radical economic theory.


URPE targets building sessions of 3 papers given the short sessions (1 hour 20 minutes), but they can be 4. (Proposals for sessions with 3 can have a 4th added if URPE receives a related single paper proposal that fits there and nowhere else, but again we aim for 3.)

Given their short length, panels that URPE builds out of individual papers do not have discussants, in order to maximize time available for discussion by the audience. However, proposals for fully formed panels may have discussants and/or chairs different from the presenters, if those who are organizing such panels feel that would benefit the work being presented and discussed.

The DEADLINE for single paper and complete panel proposals TO URPE for presentation in the URPE panels at the Easterns is November 15, 2023.

Submissions for panels or individual papers to the URPE panels will be made through the portal for the conference at https://www.meetingsavvy.org/eea.

Please make all inquiries about submissions to Al Campbell at al@economics.utah.edu.

URPE submission deadline: 15 November 2023

Call for Participants

Research Seminar at the Collège International de Philosophie (online, Sept. 2023-June 2024)

September 2023 - June 2024 | online

It's the fifth year of the research seminar at the Collège International de Philosophie (Paris) with the support of the Centre Walras-Pareto (University of Lausanne), organised by Sina Badiei. The seminar of this year focuses on how economics, the history of economic thought and philosophy have described social phenomena, evaluated them and prescribed various measures to tackle social problems. All the sessions of the seminar can be followed on Zoom, using this link.

Here is the full program:

‘Irreparable Ignorance’ and the Problem of Harm in Economics

The ‘Pigouvian Tradition’ in Externality Analysis: Reconsiderations

Hume on Paper Money and the Nominal/Real Distinction

Léon Walras : fondements ontologiques et normativité

Tugan-Baranovsky, marxiste révisionniste et socialiste éthique

Positive Analysis and Normative Issues in Health Economics. Lessons from French Policies on Home Care Services

Social Choice and the Idea of Public Reason

John Dewey’s Normativity: Issues for Economics and the Economy

Human Needs as the Basis for an Economy of Sufficiency

I invite those willing to receive additional information to contact me (sina.badiei@tutanota.com) so that I can add them to the seminar’s mailing list.

"Wealth of Notions" YSI Workshop (Turin, Nov. 2023)

27-28 November 2023 | Turin, Italy

Workshop Theme: "The Wealth of Notions" in Economic Thought: Teaching & Research

The States & Markets and History of Economic Thought working groups of the Young Scholars Initiative are happy to invite you to participate in a two-day workshop on the practice of teaching and researching the history of economic thought. The event will be in Turin, Italy at the University of Turin on November 27-28th.

This workshop, organized in collaboration with the Italian Association for the History of Political Economy (STOREP) and the “Wealth of Notions” research project, is intended to support students and early career researchers who are interested in working directly within the field of the history of economic thought (HET) or incorporating insights from HET into other research areas. In particular, we will explore some of the many ways of “doing” history of economic thought, including both qualitative and quantitative research methods.

Accommodation and partial travel support is available. Travel stipends are intended to support participants coming from Italy or Europe. The program will be divided into two parts, with the following activities confirmed:

Teaching History of Economic Thought

Researching History of Economic Thought

Senior scholars confirmed to attend include:

To apply to attend, please fill out the following form which asks for a short (200 words) motivation statement. Participants will be expected to actively take part in the discussions over the two days, and should come prepared with ideas for how HET relates to their research interests. Applications will be assessed on an ongoing basis, with preference given to Masters and PhD students. We encourage you to apply early to secure your spot.

More information is available on the official website.

Application Deadline: 1 November 2023

3rd Doctoral Conference on the Social and Political Constitution of the Economy (Cologne, Feb. 2024)

29 February - 1 March 2024 | Cologne, Germany

The Max Planck Institute for the Study of Societies is hosting the Third Doctoral Conference on the Social and Political Constitution of the Economy. The conference will be held in person from February 29 to March 1, 2024, and is organized by the doctoral researchers of the International Max Planck Research School on the Social and Political Constitution of the Economy (IMPRS-SPCE). The event will give doctoral students whose research addresses the complex linkages between economic, political, and social action the opportunity to present their work and receive constructive and well-informed feedback from an audience of peers.

The Third Doctoral Conference on the Social and Political Constitution of the Economyaims at building bridges and finding commonalities among young scholars whose research is addressing the complex linkages between economic, political, and social action. It will give PhD students at all stages the opportunity to present their work and receive constructive and well-informed feedback. We invite doctoral researchers to submit abstracts, especially addressing the following or related topics:

The papers must be authored by current PhD researchers. Submissions co-authored by a PhD researcher are also welcome. However, the presentation of the paper at the conference has to be given exclusively by the PhD researcher.

How to apply

Interested doctoral students can apply by submitting a 250-word abstract including the research topic and the theoretical and methodological approach of their proposed paper via the following link by October 25, 2023: Abstract submission.

Successful applicants are expected to submit a draft paper of roughly 6000–8000 words by February 9, 2024. If you have any questions, please do not hesitate to contact the conference organizers by email to phdconference@mpifg.de or visit the official conference website.

Submission Deadline (Abstracts): 25 October 2023

Conference to Celebrate the Life and Work of Nilüfer Çagatay (Utah/online, Oct. 2023)

27 October 2023 | virtual via University of Utah, Salt Lake City, UT

The Department of Economics at University of Utah calls for contributions for a Conference to celebrate the life and work of Nilüfer Çağatay, 1955-2022, who was a brilliant and engaging professor of Economics at the University of Utah and a pioneer in gender-aware macroeconomics. She co-founded GEM-IWG, an international network for knowledge sharing and capacity building of feminist macroeconomists. She was a dear friend and collaborator to many, extraordinary mentor of young scholars, a feminist activist, and a mother. She received her BA in economics and political science from Yale University and Ph.D. in economics from Stanford University.

Conference Schedule and Venue

The virtual conference will be held for one half day, Friday October 27 from 7 am (MT/Utah) to 11:45 am (MT). The conference comprises three sessions. The first session is dedicated to recognizing the intellectual contributions of Nilüfer Çağatay as an economist and as a feminist scholar. The second session explores the impact Nilüfer had on knowledge networking and capacity building in feminist economics through the establishment of training programs and conferences of the International Working Group on Gender, Macroeconomics, and International Economics (GEM-IWG). The third session provides a platform for Nilüfer's friends, co-authors, students, colleagues, and classmates to share personal or professional experiences and cherished memories that underscore the impact she had on their lives.

Conference Schedule: Friday, October 27, 2023

The conference starts at 7 am (Utah)/2 pm (London)/4:00 pm (Istanbul)/6:30 pm (New Delhi). Conference Program Details: See the Econ U conference website

Registration: Registration is necessary to attend the conference. Please register here.

Teaching Heterodox Economics Magazine (online, Nov. 2023)

7 November 2023 | online

Special Edition Magazin on "Teaching Heterodox Economics"

authored by Clara Dallaire-Fortier, Patricia E Perkins, Chandni Dwarkasing, Ross Cathcart, Andrew Mearman, Constantine E. A. Passaris, Mathieu Dufour, Tiago Camarinha Lopes, Vrinda Chopra, Vicki Zhang, Eric Kemp-Benedict, Mehak Majeed, Tim Thornton, Jeff Powell, Yuliya Yurchenko, Jan Schulz, Jan David Weber, Francisco Perez

This special edition magazine is a collection of short essays aiming to empower students and teachers who advocate for heterodox economics teaching. The magazine presents innovative ways to introduce heterodox content in the classroom and shares exercises that incorporate real-world issues. It is also a collective thinking exercise on how to strategize for needed curriculum changes, notably through decolonizations and discussions about the socio-ecological crises. The magazine shares insights from a diverse group of scholars. It is freely accessible here.

You are all invited to a launch event. It will be held on Tuesday, November 7th, 2023, from 14:00 to 15:00 UK time. You can register for the launch event by clicking here.

Job Postings

Europa-University Flensburg, Germany

Job title: New PhD position at the Department of Pluralist Economics

A PhD position is available at the Department of Plural Economics at the Europa-University Flensburg.

The Department of Pluralist Economics was founded in October 2021 and works on a broad range of topics using theories and methods from different economic and social science research paradigms. It is urgently desired that the future holder of this position collaborates with the departmental team to make a substantial contribution to the field of pluralist economics. Possible topics for the doctorate would include:

Methodologically, both theoretical and empirical work are possible. If you are unsure whether your interests fit the research agenda of the department, please do not hesitate to consult the department homepage first and, in case of doubt, ask Claudius Gräbner-Radkowitsch directly. Interdisciplinary research approaches are explicitly welcome.

The possible topics to be worked on are kept quite broad, mainly because it is important for us to find a motivated candidate who would like to work with us on pressing issues in the wide area of pluralist economics.

How to apply

To enable us to get a first impression of you, please upload your application documents to this website:

If you have any questions, e.g. if a certain topic fits to our department, please contact Claudius Gräbner-Radkowitsch directly: claudius.graebner-radkowitsch@uni-flensburg.de. More information is available on the official website.

Application Deadline: 8 October 2023

KU Leuven, Belgium

Job title: PhD candidate: Financial and Fiscal Influence on Housing Inequality

The Department of Earth and Environmental Sciences, Division of Geography & Tourism at KU Leuven (Belgium) is looking for a full-time PhD candidate for 4 years. Together with a team of researchers in Leuven and elsewhere in Europe you will work on the research project "From Housing Inequality to Sustainable, Inclusive and Affordable Housing Solutions" (EqualHouse), which is funded by the European Commission and will be part of the "Real Estate/Financial Complex" (REFCOM) research group, coordinated by dr. Manuel B. Aalbers. REFCOM is an internationally comparative and transdisciplinary research group looking into the increasing interconnectedness of real estate and finance, and the role of states, politics and institutions.

Within EqualHouse you will focus on examining the most significant transnational policy, regulatory and financial influences on housing inequalities, focusing on the financialisation of housing and its interaction with globalisation and Europeanization, and identify how these influences can be addressed. There are four objectives you will need to address:

Together with experienced research at KU Leuven, the University of Glasgow, University College Dublin and the University of Warsaw you will, first, review the fiscal treatment of housing as well as (inter-)national financial regulation that affects housing; and, second, analyse relevant financial and monetary policies within the Eurozone and non-Eurozone EU, including the mandates and decision making of central banks with regards to housing.


For more information, please e-mail manuel.aalbers@kuleuven.be.

You can apply for this job no later than October 23, 2023 via the online application tool.

KU Leuven seeks to foster an environment where all talents can flourish, regardless of gender, age, cultural background, nationality or impairments. If you have any questions relating to accessibility or support, please contact us at diversiteit.HR@kuleuven.be.

Application deadline: 23 October 2023

Roskilde University, Denmark

Job title: Associate Professor of Ecological Macroeconomics

The Department of Social Sciences and Business (ISE), Roskilde University, invites applications for a position as associate professor of Ecological Macroeconomics. The position is available from February 1, 2024, or as soon as possible thereafter.

In announcing the position, ISE looks to develop its research and teaching in ecological macroeconomics as it pertains to green monetary policy, economic conditions and consequences of the ecological transition, post-growth economics, and finance, financialization, and sustainability.


The associate professor is expected to maintain a steady rate of publications as well as to contribute to the research culture in the department. The associate professor’s work primarily includes research and research-based teaching and supervision in 'Socioeconomics’ at the BA and MA level and in one of our social science BA programmes. In addition to research and research-based teaching, the position also involves sharing knowledge with the rest of society – including participation in the public debate and on-going dissemination of findings to relevant stakeholders. Furthermore, the associate professor is expected to attract research grants, manage research projects, provide guidance and supervision of PhD students and assistant professors, participate actively in research groups and development of new teaching activities, and engage in external fundraising and other activities to increase funds for the Department as well as take part in academic assessments and other tasks requested by the Department.

The ideal candidate is expected to:


Applicants must hold a relevant PhD degree. The ideal candidate matches the following characteristics:

Moreover, the ideal candidate shall be enterprising and possess good communication skills and be a visible involved participant in the department’s daily activities, in addition to being willing to engage in disciplinary and interdisciplinary collaboration across the department.

Ability to teach in Danish is a great asset and successful candidates who do not speak Danish (or possibly Swedish or Norwegian) will be requested to acquire the necessary skills in Danish within the first two years of service, so as to ensure that they can participate satisfactorily in teaching activities as well as in academic and administrative activities at the University. At the time of appointment, successful candidates must master English for academic purposes.


To apply for the position go here.

Only applications in Danish and English are accepted.

Applications must include:

Interested candidates should refer to the online posting for a complete description and application instructions. For further information about the position, please contact Bodil Damgaard (+45) 4674 2251 / bodam@ruc.dk (Associate Dean for Education and Dean appointed ad interim).

Deadline for application: 20 October 2023

University of Denver, US

Job title: Assistant Professor

The Economics Department at the University of Denver (DU) currently has seven tenure-line faculty and three teaching-line faculty. It is strongly committed to building a diverse and inclusive educational environment, which is in full accord with the value that DU places on Diversity, Equity and Inclusion (DEI). As reflected in both their teaching and research, our faculty have a broader view of what economics is about than is found in the many other Economics programs in the US. We encourage students not to take in received knowledge as the truth but to examine it and question it. The Department thus offers a curriculum that emphasizes the understanding of the social apparatus that governs the production and distribution of goods and services, and an appreciation for how economic theories and ideas have developed over time. We present alternative perspectives on the historical and present-day relevance of our material, employing more primary sources and larger reading assignments than one finds in the typical US economics curriculum. Our approach naturally emphasizes the importance of writing and critical thinking, and goes beyond the rote acquisition of quantitative skills.

Position Summary

The Department of Economics seeks to fill a tenure-track position at the rank of Assistant Professor starting September 2024. We are seeking a heterodox economist doing research in the areas of economic development and / or international trade who approaches these topics from a feminist perspective. Candidates must show promise of distinction in research and publications in these fields, and must also show promise of excellent teaching ability in these areas as well as in our introductory courses “Economics: A Critical Introduction” (ECON 1020) and/or “Introduction to Micro- and Macroeconomics” (ECON 1030). Teaching courses in our department requires familiarity with economic history, the history of economic thought, philosophy of social science, and heterodox as well as mainstream perspectives on economic theory and policy. The teaching load is five 4-credit-hour courses spread over three quarters.

Essential Functions

Knowledge, Skills, and Abilities

The person we hire to fill this position will

Required Qualifications

To be considered for hire as an advanced Assistant Professor:

Preferred Qualifications

Working Environment

  1. Standard office environment.
  2. Unexpected interruptions occur often, and stress level is moderate to high.
  3. Noise level is quiet to moderate.

Physical Activities

  1. Ability to sit in front of a computer for an extended period of time.
  2. Ability to sit or stand in front of a classroom for an extended period of time.
  3. Occasionally required to move about the office/campus with the capability of transporting objects up to 20 lbs.

Work Schedule
While the University's administrative offices are open Monday – Friday, 8:00 am – 4:30 pm, faculty schedules vary from term to term and are based on courses taught, service commitments, and research agendas. The University's academic calendars are posted on the registrar's website (the law school is on a semester system and has a different academic calendar).

Special Instructions
Candidates must apply online through jobs.du.edu to be considered. Only applications submitted online will be accepted. Please include the following documents with your application:

  1. CV
  2. Cover Letter
  3. Job Market Paper / Writing Sample
  4. Research Statement outlining candidate’s research program
  5. Teaching Statement covering both teaching philosophy and experience
  6. Statement on the candidate’s connection to and knowledge of heterodox economics, and how that connection is reflected in their scholarly work and teaching
  7. Statement on how the candidate supports Diversity, Equity, and Inclusion through their scholarly work and teaching
  8. Letters of Recommendation will be collected during interviews

If recommenders prefer not to leave it to an applicant to upload letters of recommendation at www.dujobs.org, then please have them separately e-mail three (3) such letters to economics@du.edu. Please visit https://liberalarts.du.edu/economics for more information about the Department.

You can also find more information on the position here.

Application Deadline: 01 December 2023 (4:00 p.m. MST)

University of Sheffield, UK

Job title: reserach associate in Work and Employment

The Centre for Decent Work at the University of Sheffield is currentlly hiring a two-year postdoctoral research associate to undertake research on labour in the logistics industry with Professor Kirsty Newsome.

We have an opportunity for a Research Associate in Work & Employment to support research related to the nature of work and employment in the logistics sector. There are two aspects to the research: (a) the changing terms and conditions of work in parcel delivery services; and (b) emerging patterns of work and employment in the new UK freeports, with specific reference to the logistics sector (ports, warehousing, transportation). Amongst the issues to be researched are the gender and race dynamics in workplaces; the differing contractual arrangements of logistics workers and how these arrangements condition pay and working-time; the role of trade unions in shaping the employment conditions; and the impact of technology in transforming the experience of work (for example levels of surveillance and the use of algorithmic software).

The successful applicant will be responsible for data collection and analysis and for identifying and reviewing relevant literature. They will also have opportunities to co-author research-based outputs, such as articles for peer reviewed journals. The research activities are likely to involve collection and analysis of both qualitative and quantitative data and the ideal applicant will therefore have experience of both qualitative and quantitative research. They will also have obtained, or be extremely close to obtaining, a PhD in the field of work and employment (e.g., employment relations, sociology of work). They should also be able to demonstrate that they have research interests that have close synergies with the intended research project.

The successful applicant will help build upon the strong achievements of the Management School’s Centre for Decent Work in relation to research, knowledge exchange and research impact. Further information about CDW is available here. Our website offers more information about all aspects of the School’s activity. Please see here.

We are committed to enabling our employees to work in a hybrid model with flexibility over when, where and how to achieve the required outputs, in discussion with your manager. We are committed to exploring flexible working opportunities which benefit the individual and University. We’re one of the best not-for-profit organisations to work for in the UK. The University’s Total Reward Package includes a competitive salary, a generous Pension Scheme and annual leave entitlement, as well as access to a range of learning and development courses to support your personal and professional development. We build teams of people from different heritages and lifestyles from across the world, whose talent and contributions complement each other to greatest effect. We believe diversity in all its forms delivers greater impact through research, teaching and student experience.

How to apply

Apply now by clicking on the 'Apply' button on the official website.

Application Deadline: 5 October 2023


Call for Nominations: 2024 Capital as Power Essay Prize

The Review of Capital as Power is pleased to announce our 2024 essay competition. We are seeking essays that engage with the idea of capital as power. Winning essays will be published in the Review of Capital as Power, and will receive:


The topic of your essay is open, so long as it engages with the idea of capital as power. Your paper can be theoretical, historical or empirical. It may support or critique the notion of capital as power.

How to submit

Email your submissions to blairfix@fastmail.com.


Make sure you essay meets the following requirements:


Essays will be judged by the Review of Capital as Power using blind review.

Deadline: 31 January 2024

Call for Nominations: 2024 Joseph J. Spengler Prize

The History of Economics Society welcomes nominations for the 2024 Joseph J. Spengler Prize for the best book in the history of economics.

Books and scholarly monographs in the history of economics published in calendar years 2021 through 2023 are eligible. We especially encourage nominations from HES members and self-nominations by authors. Details about the prize and nomination process can be found on the official website.

The deadline for nominations is 31 December 2023. All received nominations will be appraised by the selection committee of Laurie Bréban (chair), Alexandra Hyard and Stephen Meardon.

Nominations Deadline: 31 December 2023

Winner Announcement: 2022 Water International Best Paper

IWRA is pleased to announce that two papers were within a hair’s breadth of each other in the scoring for the annual Water International Best Paper award, so for 2022 we are naming two Best Papers and no Honourable Mention. Both selections are on important institutional issues that have gained salience in the twenty-first century – how to reoperate reservoirs in a highly stressed basin to meet the challenges of climate change and competing demands, and how to finance the remunicipalisation of urban water. Both touch on critical policy issues of our time and are scalable, of much broader significance than to the localities studied.

Jorge Garcia-Arias, Hug March, Nuria Alonso, and Mar Satorras:
"Public water without (public) financial mediation? Remunicipalising water in Valladolid, Spain". Water International, 47.5, 733-750 doi 10.1080/02508060.2022.2057071 OPEN ACCESS

Laura Turley, Christian Bréthaut and Géraldine Pflieger
"Institutions for reoperating reservoirs in semi- arid regions facing climate change and competing societal water demands: insights from Colorado". Water International, 47.1, 30-54 doi10.1080/02508060.2021.19816362. OPEN ACCESS

Winner Announcement: 2023 Elinor Ostrom Prize

The 2023 Elinor Ostrom Prize was awarded on 22 September 2023 at the WINIR Conference on Institutional Innovation & Evolution (Catania, Italy). The announcement was made by Esther-Mirjam Sent, who will be gradually taking over the role of the JOIE’s Editor-in-Chief from 2024.

This year’s winners are Adam Crepelle (Loyola University Chicago, USA), Tate Fegley (University of Pittsburgh, USA), Ilia Murtazashvili (University of Pittsburgh, USA) & Jennifer Brick Murtazashvili (University of Pittsburgh, USA) for their outstanding article:

Community Policing on American Indian Reservations: A Preliminary Investigation”, Journal of Institutional Economics 18(5): 843-860.

2023 Ostrom Prize Committee: Maria Brouwer, Daniel Cole, Christopher Coyne, David Dequech, Abigail Devereaux, Brett Frischmann, Roger Koppl, Sheilagh Ogilvie, Jochen Runde, Edella Schlager, and Mary Shirley.

For more details about the prize, past winners, and the extraordinary work of Elinor Ostrom please visit the site.


Capitalism, Nature, Socialism 34 (3)

House Organ

Daniel Faber: American Oil-Igarchy: How the Corporate Assault on Liberal Democracy and the Climate Are Connected

Global Capitalism and Ecologically Unequal Exchange

Andrea Ricci: Ecologically Unequal Exchange and the Value of Money

Alf Hornborg: Ecologically Unequal Exchange: Disagreements with Somerville

Peter Somerville: Further Comments on Ecologically Unequal Exchange

Ecosocialist Thought on Capitalism and Disease

Luis Fernando Chaves, Nicole L. Gottdenker, Julie Velasquez Runk & Luke R. Bergmann: Reifications in Disease Ecology 2: Towards a Decolonized Pedagogy Enabling Science by, and for, the People

EcoSocialist Politics and Praxis

Noah De Lissovoy & John Reardon: Collective Imagination Against the Given: A Conversation with Noah De Lissovoy

Contradictions and Struggles

James Wilt: All that is Frozen Melts into the Sea: Arctic Gas, Science, and Capitalist Natures

Arnab Roy Chowdhury: A Critique of “Speculative Commodities”: Rethinking the Value and Commodification of Gem-Resources Under Extractive Capitalism


M. Zaenul Muttaqin: Homeland Charcoal

Carol Mirakove: gallop

Sanha Lee: Tree and Like A Bamboo

Roger S. Gottlieb: Earth Grief: The Journey Into and Through Ecological Loss (by Stephen Harrod Buhner, White River Junction, 2022)

Industrial and Corporate Change 32 (5)

Nicola De Liso ; Serena Arima; Giovanni Filatrella: Is the “sailing-ship effect” misnamed? A statistical inquiry of the case sail vs steam in maritime transportation

Seungho Choi; Kent Miller: Organizational team formation: projects, structures, and transactive memory

Sverre Ubisch; Pengfei Wang: Innovation on technological “islands”: domain contrast, boundary spanning, knowledge depth and breadth

Carolina Castaldi: Off the mark? What we (should) know about the bright and dark sides of corporate trademark practices border

Moritz Müller; Robin Cowan; Helena Barnard: The role of local colleagues in establishing international scientific collaboration: Social capital in emerging science systems border

İbrahim Semih Akçomak; Umut Yılmaz Çetinkaya; Erkan Erdil; Müge Özman Gossart: What drives network evolution? Comparing R&D project and patent networks in the EU

Spyros Arvanitis; Florian Seliger; Martin Woerter: In search of markets and technology: the role of cross-border knowledge for domestic productivity

Michele Delera ; Neil Foster-McGregor: Revisiting international knowledge spillovers: the role of GVCs

Lichao Wu; Lili Wang; Lan Lin: Learn to be green: FDI spillover effects on eco-innovation in China

Investigación Económica 82 (326)

Symposium: In Honour of A.P. Thirlwall

Ignacio Perrotini Hernández, Nancy I. Muller Durán, Sara M. Ochoa León: Editorial note

Esteban Pérez Caldentey: Thirlwall on Harrod

Kevin S. Nell: Inflation and growth in developing economies: a tribute to professor Thirlwall

José Luis Oreiro: Thirlwall’s law and new-developmentalism: what are the limits for long-run growth?

Florencia Melisa Fares, Guido Zack, Emiliano Libman: Crecimiento, desinflación y distribución: ¿otra trinidad imposible?

Gerardo Angeles-Castro, Christian Said Domínguez-Blancas, Carlos A. Fraga-Castillo: Kaldor-Verdoorn laws in the latin american countries, 1992-2021

Mario Aceves Mejía, Carlos Absalón Copete: Inflación y crecimiento económico en américa latina, una relación no lineal

Gonçalo Amado: A Thirlwall’s law application to international trade in services

Journal of History of Economic Thought 45 (3)

HES Presidential Address

Marcel Boumans: 2022 HES Presidential Address: The History of Economics as Economic Self-Portraiture


Bill Gerrard: Keynes, Ramsey, and Pragmatism

Bradley W. Bateman:Keynes, Ramsey, and Pragmatism: A Comment

John Aldrich: Good, Economic Welfare, and the National Dividend—Pigou’s Welfare Triad

Joost Hengstmengel and Rudi Verburg: The Uneventful Reception of Mandeville’s Ideas in the Eighteenth-Century Dutch Republic, or the Mysterious Case of the Missing Outrage

Jorge Morales Meoqui: The Demystification of David Ricardo’s Famous Four Numbers

Pablo Cervera-Ferri and Pau Insa-Sánchez: Rareness in the Intellectual Origins of Walras’s Theory of Value

Michel S. Zouboulakis: A. G. Papandreou’s Academic Economic Thought 1943–1963

Letters to the Editor

Jean-Marc Ginoux and Franck Jovanovic: Solving Vincent Carret’s Puzzle: A Rebuttal of Carret’s Fallacies and Errors

Vincent Carret: The Emperor Has No Clothes: A Reply to Ginoux and Jovanovic

Book Reviews

Philippe Fontaine: Elizabeth Popp Berman, Thinking like an Economist: How Efficiency Replaced Equality in U.S. Public Policy

Miriam Bankovsky: Tad Skotnicki, The Sympathetic Consumer: Moral Critique in Capitalist Culture

James R. Wible: Charles Camic, Veblen: The Making of an Economist Who Unmade Economics

Kevin Mellet: Thibault Le Texier, La main visible des marchés: Une histoire critique du marketing

Marcel Boumans: Peter Galbács, The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach

Books and Book Series

(Mis)managing Macroprudential Expectations: How Central Banks Govern Financial and Climate Tail Risks

John Hogan Morris | Edward Elgar, 2023

Using a range of calculative devices, (Mis)managing Macroprudential Expectations explores the methods used by central banks to predict and govern the tail risks that could impact financial stability. Through an in-depth case study, the book utilises empirically-informed theoretical analysis to capture these low-probability and high-impact events, and offers a novel conceptualisation of the role of risk modelling within the macroprudential policy agenda.

The book asserts that central banks’ efforts to capture tail risks go beyond macroprudential policy objectives of identifying and monitoring systemic risks to financial stability. It illustrates how the calculation of tail risk contributes to managing the expectations that regulated institutions have around the Bank of England’s macroprudential approach, its willingness to support struggling institutions, and its use of novel macroprudential policy tools. Situating tail risk within the broader realm of climate finance, chapters contend that the identification of future climate tail risks simultaneously reveals opportunities for private profit and non-bank lending within the financial system, in ways that are potentially destabilizing. The book concludes by highlighting the social and political limitations of central banks’ new macroprudential approach.

Transdisciplinary in approach, this book will be invaluable to students and scholars interested in the intersections between climate studies, political science and public policy, environmental economics, banking and finance, and political economy. Its practical applications will also be a useful resource to climate and finance policymakers working in central banking.

Please find a link to the book here.

A Fabulous Failure: The Clinton Presidency and the Transformation of American Capitalism

Nelson Lichtenstein and Judith Stein | Princeton University Press, 2023

When Bill Clinton was elected president in 1992, he ended twelve years of Republican rule and seemed poised to enact a progressive transformation of the US economy, touching everything from health care to trade to labor relations. Yet by the time he left office, the nation’s economic and social policies had instead lurched dramatically rightward, exacerbating the inequalities so troubling in our own time. This book reveals why Clinton’s expansive agenda was a fabulous failure, and why its demise still haunts us today.

Nelson Lichtenstein and Judith Stein show how the administration’s progressive reformers—people like Robert Reich, Ira Magaziner, Laura Tyson, and Joseph Stiglitz—were stymied by a new world of global capitalism that heightened Wall Street influence, undermined domestic manufacturing, and eviscerated the labor movement. Robert Rubin, Larry Summers, and Al Gore proved champions of this financialized world. Meanwhile, Clinton divided his own party when he relied on Republican votes to overhaul welfare, liberalize trade, and deregulate the banking and telecommunications industries. Even the economic boom Clinton ushered in—which tamed unemployment and sent the stock market soaring in what Alan Blinder and Janet Yellen termed a “fabulous decade”—ended with a series of exploding asset bubbles that his neoliberal economic advisors neither foresaw nor prevented.

A Fabulous Failure is a study of ideas in action, some powerfully persuasive, others illusionary and self-defeating. It explains why and how the Clinton presidency’s progressive statecraft floundered in a world where the labor movement was weak, civil rights forces quiescent, and corporate America ever more powerful.

Please find a link to the book here.

A Realist Philosophy of Economics

by Karl Mittermaier | Bristol University Press, 2023

Economic theory relies heavily on the idea of rational action, but how are we to understand the empirical content of rational choice when we can only observe the outcome, not what goes into making the choice? With contributions from Alan Kirman and Rod O'Donnell, Karl Mittermaier's posthumously published work establishes a new conceptual framework that will enable economic theorists to forge new paths of empirical analysis. Introducing readers to the work of a profound thinker who was not recognized in his lifetime, this book, featuring previously unpublished material, is poised to become a seminal text in the philosophy of social sciences.

Please find a link to the book here (open access version).

Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism

Glory M. Liu | Princeton University Press, 2023

Originally published in 1776, Adam Smith’s The Wealth of Nations was lauded by America’s founders as a landmark work of Enlightenment thinking about national wealth, statecraft, and moral virtue. Today, Smith is one of the most influential icons of economic thought in America. Glory Liu traces how generations of Americans have read, reinterpreted, and weaponized Smith’s ideas, revealing how his popular image as a champion of American-style capitalism and free markets is a historical invention.

Drawing on a trove of illuminating archival materials, Liu tells the story of how an unassuming Scottish philosopher captured the American imagination and played a leading role in shaping American economic and political ideas. She shows how Smith became known as the father of political economy in the nineteenth century and was firmly associated with free trade, and how, in the aftermath of the Great Depression, the Chicago School of Economics transformed him into the preeminent theorist of self-interest and the miracle of free markets. Liu explores how a new generation of political theorists and public intellectuals has sought to recover Smith’s original intentions and restore his reputation as a moral philosopher.

Charting the enduring fascination that this humble philosopher from Scotland has held for American readers over more than two centuries, Adam Smith’s America shows how Smith continues to be a vehicle for articulating perennial moral and political anxieties about modern capitalism.

Please find a link to the book here.

Banking on Slavery: Financing Southern Expansion in the Antebellum United States

by Sharon Ann Murphy | Princeton University Press, 2023

It’s now widely understood that the fullest expression of nineteenth-century American capitalism was found in the structures of chattel slavery. It’s also understood that almost every other institution and aspect of life then was at least entangled with—and often profited from—slavery’s perpetuation. Yet as Sharon Ann Murphy shows in her powerful and unprecedented book, the centrality of enslaved labor to banking in the antebellum United States is far greater than previously thought.

Banking on Slavery sheds light on precisely how the financial relationships between banks and slaveholders worked across the nineteenth-century South. Murphy argues that the rapid spread of slavery in the South during the 1820s and ’30s depended significantly upon southern banks’ willingness to financialize enslaved lives, with the use of enslaved individuals as loan collateral proving central to these financial relationships. She makes clear how southern banks were ready—and, in some cases, even eager—to alter time-honored banking practices to meet the needs of slaveholders. In the end, many of these banks sacrificed themselves in their efforts to stabilize the slave economy. Murphy also details how banks and slaveholders transformed enslaved lives from physical bodies into abstract capital assets. Her book provides an essential examination of how our nation’s financial history is more intimately intertwined with the dehumanizing institution of slavery than scholars have previously thought.

Please find a link to the book here.

Cooperation: A Political, Economic, and Social Theory

by Bernard E. Harcourt | Columbia University Press, 2023

Liberal democracy is in crisis around the world, unable to address pressing problems such as climate change. There is, however, another path—cooperation democracy. From consumer co-ops to credit unions, worker cooperatives to insurance mutuals, nonprofits to mutual aid, countless examples prove that people working together can extend the ideals of participatory democracy and sustainability into every aspect of their lives. These forms of cooperation do not depend on electoral politics. Instead, they harness the longstanding practices and values of cooperatives: self-determination, democratic participation, equity, solidarity, and respect for the environment.

Bernard E. Harcourt develops a transformative theory and practice that builds on worldwide models of successful cooperation. He identifies the most promising forms of cooperative initiatives and then distills their lessons into an integrated framework: Coöperism. This is a political theory grounded on recognition of our interdependence. It is an economic theory that can ensure equitable distribution of wealth. Finally, it is a social theory that replaces the punishment paradigm with a cooperation paradigm.

A creative work of normative critical theory, Cooperation provides a positive vision for addressing our most urgent challenges today. Harcourt shows that by drawing on the core values of cooperation and the power of people working together, a new world of cooperation democracy is within our grasp.

Please find a link to the book here.

Cryptocurrency Regulation: A Primer

by Jerry W. Markham | Edward Elgar Publishing, 2023

This incisive and thought-provoking book examines the regulation of cryptocurrency trading by state and federal financial services regulators in the US, in order to understand why these statutes proved to be ineffective in regulating this new asset class. It further analyzes and evaluates pending proposals in Congress for more effective cryptocurrency regulation.

Providing a sector-by-sector exploration of the financial services industry, the book delves into the Securities and Exchange Commission’s (SEC) efforts to regulate cryptocurrencies, highlighting the flaws in its jurisdictional claims, as well as the exclusion of ‘actual delivery’ contracts from Commodity Futures Trading Commission (CFTC) jurisdiction and how this applies to cryptocurrencies. The chapters chart the invention and rise of cryptocurrencies, fluctuations in the cryptocurrency market, and the regulation of cryptocurrencies under banking laws, the Federal Securities Laws, and as ‘commodities’. In addition, it reviews the application of banking and money transmitter regulations to cryptocurrency trading platforms and proposes a bespoke regulator structure for cryptocurrencies.

Cryptocurrency Regulation: A Primer is an essential resource for students and scholars of economics, finance and banking law, and internet and technology law. It will also be beneficial for financial services professionals, regulators, and members of the financial press.

Please find a link to the book here.

Dependency Theory After Fifty Years: The Continuing Relevance of Latin American Critical Thought

by Claudio Katz | Haymarket Books, 2023

Dependency Theory After Fifty Years is an insightful and timely review of dependency theory, its strengths, weaknesses, and how to reinvent the concept for the modern day.

Dependency theory as a framework initially included distinct forms of Marxism, liberalism, and developmentalism that should be differentiated, despite sharing the same name. In this important intervention, renowned scholar Claudio Katz argues that, while the concept has fallen out of favor, its postulates are being proven more and more true by present-day events. In Latin America, for example, the effects of dependency are more acutely felt than in the past, making it imperative to understand the logic of the region's peripheral subordination. In Dependency Theory After Fifty Years, Katz shows that in its original form Dependency Theory is incapable of providing a convincing explanation of contemporary reality; it must be updated to interpret the current modalities of dependent capitalism. This book offers analytical clues to beginning that reinvention.

Please find a link to the book here.

Law of Value and Theories of Value: Symmetrical Critique of Classical and Neoclassical Political Economy

by Tiago Camarinha Lopes | Haymarket Books, 2023

In Law of Value and Theories of Value, Tiago Camarinha Lopes presents the genesis of Karl Marx's understanding of the law of value by showing that the labor theory of value of utopian socialists and the utility theory of value of the Marginalist Revolution are subject to equal criticism by Marx's Critique of Political Economy.

Following Marx's distinction between classical and vulgar political economy, Camarinha explains the difference between a reactionary and a progressive strand in the world of non-Marxian economics. Commonly portrayed as a dated work targeting the general framework of economic thought of the 19th century, Das Kapital appears here as the blueprint for the ongoing construction of economic science of the working class in any period of History.

Please find a link to the book here.

Marx Matters

edited by David Fasenfest | Haymarket Books, 2023

Despite being repeatedly declared out of touch and outdated, Karl Marx's ideas have never mattered more.

Marx Matters is an examination of how Marx remains more relevant than ever in dealing with contemporary crises. This volume explores how technical dimensions of a Marxian analysis remain relevant to our understanding of inequality, of exploitation and oppression, and of financialization in the age of global capitalism. Contributors to this important volume track Marx in promoting emancipatory practices in Latin America, tackle how Marx informs issues of race and gender, explore current social movements and the populist turn, and demonstrate how Marx can guide strategies to deal with the existential environmental crises of the day.

Marx matters because Marx still provides the best analysis of capitalism as a system, and his ideas still point to how society can organize for a better world.

Please find a link to the book here.

Middle Class: An Intellectual History through Social Sciences An American Fetish from its Origins to Globalization

by Battistini Matteo | Haymarket Books, 2023

According to Matteo Battistini, The 'middle class' has become a fetish forged by the social sciences to legitimize American capitalism. In this invaluable monograph, Battistini traces the intellectual history of the middle class, and offers a social history of the political concept, whose specific scientific content has acquired an ideological centrality in the U.S. that has no equal in European history. Middle Class argues that the social sciences have freed the middle class from its historical relationship with work in an attempt to emancipate it from the tension into which it was continually dragged by class conflict. In the process, the social sciences overtun the image of opposing forces of labour and capital, replacing it with an image of a consensual order whereby capitalism and democracy can coexist without tensions.

Please find a link to the book here.

Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy

edited by Stuart Davis | Haymarket Books, 2023

Sanctions as War offers the first comprehensive account of economic sanctions as a tool for exercising American power on the global stage.

Since the 1980s, the US has steadily increased its reliance on economic sanctions, or the imposition of extensive financial penalties for violation of given rules, to fight its foreign policy battles. Perceived as a less costly and damaging alternative to kinetic military engagement, economic sanctions have been levied against over 25 other countries. In the process, sanctions have destroyed thousands of innocent lives and wreaked inestimable damages to civil society.

To understand how sanctions function as a war-making strategy, this collection offers chapters that address the theory and history of economic sanctions as well as chapter-length case studies of sanctions exercised against the civilian populations of Iraq, Venezuela, and other nations.

Please find a link to the book here.

Structuralist and Behavioral Macroeconomics

By Peter Skott | Cambridge University Press, 2023

Mainstream macroeconomics is founded on the idea of perfectly rational representative agents. Yet there is a growing realization that economic theories based on such agents are inadequate guides to real-world decision making. The behavioural evidence has had significant impacts on microeconomics but the same cannot be said of macroeconomics. This book is part of the movement to do for macroeconomics what behavioural thinking has done for microeconomics. Using behavioural evidence and insights from Keynesian and institutionalist traditions, it presents an empirically grounded alternative to the paradigm that currently dominates macroeconomic theory. It highlights how dynamic interactions across markets can generate instability, endogenous cycles and secular stagnation. It fully engages with macroeconomic theory, provides a multi-faceted view that explains how and why it is time to rethink its foundations and offers a path forward.

Please find a link to the book here.

The Evaluation of Polycentric Climate Governance

Jonas J. Schoenefeld | Cambridge University Press, 2023

Polycentric climate governance holds enormous promise, but to unleash its full force, policy evaluation needs a stronger role in it. This book develops Nobel Laureate Elinor Ostrom's important work by offering fresh perspectives from cutting-edge thinking on climate governance and policy evaluation. Driven by theoretical innovation and empirical exploration, this book not only argues for a stronger connection between polycentric climate governance and practices of evaluation, but also demonstrates the key value of doing so with a real-world, empirical test in the polycentric setting of the European Union. This book offers a crucial step to take climate governance to the next level. It will be of interest to advanced students and researchers in climate governance, as well as practitioners who seek to enhance climate action, which is needed to avoid a climate catastrophe and to identify a pathway towards the 1.5° Celsius target in the Paris Agreement.

Please find a link to the book here.

The Financial Foundations of Production and Uncertainty

by Andres F. Cantillo | Routledge, 2023

Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices, which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance.

The book introduces the concept of "production commitments": the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most basic form of finance. Unless they are purely redistributive, money and monetary financial assets are valuable to the production process as long as they represent outstanding production commitments. It is also demonstrated that this new way of looking at finance is better grasped with an input-output framework than with the traditional probabilistic two-factor general equilibrium approach. By combining the Sraffa-Pasinetti approach to "expectation" with G.L.S. Shackle’s "potential surprise function", the book posits an alternative to the standard modern portfolio theory view of finance. Understanding production commitments through the Sraffa-Pasinetti framework also allows for an assessment of the compatibility between outstanding financial assets and a given or expected structure of production.

This book will be of great interest to readers of post-Keynesian economics and other alternative approaches to economic theory, production, and financial economics.

Please find a link to the book here.

Underground Empire: How America Weaponized the World Economy

By Henry Farrell & Abraham Newman | Penguin Books Limited, 2023

Control over information, money, and technology gives America overweening global influence, according to this penetrating exposé. Political scientists Farrell (The Uses and Abuses of Weaponized Trust) and Newman (Protectors of Privacy) reveal how the U.S. exploits the international infrastructures used to make cellphone calls or wire funds to bully foreign countries and private companies. These infrastructures include fiber-optic cables carrying the world’s internet traffic, most of which physically crosses U.S. territory and is available to the National Security Agency; the international bank payments system SWIFT, which divulges information about global economic transactions to the U.S.; and American sanctions regulations that deprive the nation’s adversaries of markets and technology, as in 2022 when the U.S. forced the Taiwanese semiconductor manufacturer TSMC to deny advanced chips to the Chinese telecom giant Huawei, thus forestalling a Chinese-built global empire of 5G internet networks. Writing in lucid, accessible prose, the authors trace the growth of America’s economic weapons and their modern deployments, which are sometimes subtle and devious and sometimes blunt and piratical. (In 2019, a State Department official threatened a sea captain piloting a tanker full of Iranian oil with personal sanctions if he didn’t change course.) The result is a fascinating and troubling look at the power plays enabled by a networked world.

Please find a link to the book here.

Heterodox Graduate Programs, Scholarships and Grants

William R. Waters Research Grant

The purpose of the William R. Waters Research Grant Program is to inspire scholars to organize their research in social economics and social economy along the lines suggested by William Waters in his 1988 presidential address to the Association for Social Economics:

“The major concern of social economics is explaining the economy in its broadest aspects; that is, showing how human beings deal with the ordinary business of using human and physical resources to achieve a level of material comfort. Explanation includes cultural, political, and ethical details as they are needed for a full understanding. As in any economics, there are three parts to social economics. First is the philosophical base of the social economist, which may or may not be a reflection of the philosophical base or ethos of the society he/she is studying. Social economics (or any economics) builds upon it. It is the hard core as in the recent popular literature of the philosophy of science. The second part of the discipline is a description of the significant characteristics of the economy. The economist must observe the multiplicity of economic reality and abstract those characteristics that are substantive. The two together, the philosophical premises and the empirical observations, will determine the third part of the discipline, social economic policy. Policy formulation is thus a mix of the first two.”


To apply for the current round of grant funding, the following materials need to be submitted by 5pm ET on Friday November 3, 2023:

Questions and application materials including letters of recommendation should be sent by e-mail with the subject line “Application for the William R. Waters Research Grant” to Belinda Román at broman@stmarytx.edu.

Heterodox Economics in the Media

Ceteris Never Paribus: The History of Economic Thought Podcast, Episode 35

The 'Ceteris Never Paribus' History of Economic Thought Podcast is back with a second episode with existing and former members of the Walras Pareto Centre. If you didn’t listen to part I, I recommend listening to part I first. This time we will hear about what they like and dislike about their work. And about any regrets they may have about their choices or trajectories.

If you want to join an online writing group on Thursdays at 10.15-12.15 CEST, contact Maria Bach via Twitter or email.

Listen to episode 35 here.

For Your Information

Teaching Heterodox Economics Magazine

This special edition magazine is a collection of short essays aiming to empower students and teachers who advocate for heterodox economics teaching. The magazine presents innovative ways to introduce heterodox content in the classroom and shares exercises that incorporate real-world issues. It is also a collective thinking exercise on how to strategize for needed curriculum changes, notably through decolonizations and discussions about the socio-ecological crises. The magazine shares insights from a diverse group of scholars. It is freely accessible here.

You are all invited to a launch event. It will be held on Tuesday, November 7th, 2023, from 14:00 to 15:00 UK time. You can register for the launch event by clicking here.