Abstract: The classical economists bequeathed us an understanding of the nature of economies in terms of three factors of production: Land, Labour and Capital. It is the exploitation of these resources in differing combinations that has fed the world of global corporate capitalism. If we are to transcend the unsustainable and inequitable economy we live with today an intellectual reinterpretation of these three factors is a vital first step. In this paper we provide such a liberating reinterpretation with examples from European and Latin American praxis. In terms of money we explore the rejection of debt-based money systems and the popular replacements in the forms of local currency and direct peer-to-peer lending. Please click here
In response to the present multi-facetted crisis there are protests and social movements. Also economists and other scientists respond in one way or other to what they perceive. Economists are not neutral observers of various phenomena but actors as part of society. “Values are always with us” (Myrdal 1978) as researchers and educators. Individuals (whether identifying themselves as economists or not) will be looked upon as political economic persons guided by their ideological orientations. Normal imperatives of democracy are relevant also for universities and departments of economics. Please click here
I have just read one of the short articles entitled “Coevolving Relationships between Political Science and Economics” by Elinor Ostrom sent to me by Judith Dellheim. I have previously read two of her books and even had a chance to listen to her when she was lecturing at Uppsala University visiting Uppsala as winner of the Bank of Sweden Prize in Memory of Alfred Nobel.
As I see it, Ostrom’s writings represent one of the few openings in recent times to a serious discussion of the neoclassical economics perspective. Continue reading