Template-Type: ReDIF-Article 1.0 Author-Name: Irene Van Staveren Author-X-Name-First: Irene Van Author-X-Name-Last: Staveren Title: Economic perspectives from the global south and why they matter for economics worldwide Abstract: Whereas in economic policy institutions, diversity is clearly emerging in senior positions as well as in policy advise, in academia this is much less the case. However, economics has been enriched through standpoints from the global south that recognise the historical and today's structural inequalities in the world economy. This paper discusses such postcolonial standpoints. In particular, economic perspectives representing standpoints from the global south with key economists who have contributed importantly to the diversification and improvement of our discipline. The focus is on development economics, as that is the field where most progress has been made, based on real-world experiences and interpretations of south-based economists. These economists include Raúl Prebisch, Luiz Carlos Bresser-Pereira, Jayati Ghosh, Thandika Mkandawire, Gita Sen, Noeleen Heyzer, and Bina Agarwal. Journal: Int. J. of Pluralism and Economics Education Pages: 5-23 Issue: 1 Volume: 11 Year: 2020 Keywords: economics; global south; pluralism; gender; poverty; diversity; pluralism; standpoint theory; development economics; feminist economics. File-URL: http://www.inderscience.com/link.php?id=109491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:5-23 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Maier Author-X-Name-First: Mark Author-X-Name-Last: Maier Author-Name: Tim Thornton Author-X-Name-First: Tim Author-X-Name-Last: Thornton Title: Roundtable on economics education in community colleges Abstract: Community colleges (often called two-year colleges) are an important part of the USA tertiary education system. Despite the sector's significance, relatively little research on economics instruction in the community colleges has occurred. This constrains the sector's capacity to understand its own needs, unique contributions, considerable strengths, and strong potential. It also adds to the risk - and often, the reality - of the sector being misunderstood, undervalued, and under-supported by the economics profession and by policymakers. To help address this research shortfall, we conducted a roundtable on community colleges during mid-2019. Participants were invited on the basis of either their extensive experience in the sector, previous research on community colleges, or their expertise on US economics education in general. Issues discussed include recent developments in the sector, the level of support and recognition provided, the content economics curriculum, and how economics instruction in community colleges could be better supported. Journal: Int. J. of Pluralism and Economics Education Pages: 30-54 Issue: 1 Volume: 11 Year: 2020 Keywords: community colleges; economics curriculum; economics teaching; economics profession; economics textbooks. File-URL: http://www.inderscience.com/link.php?id=109493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:30-54 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Maier Author-X-Name-First: Mark Author-X-Name-Last: Maier Author-Name: Tim Thornton Author-X-Name-First: Tim Author-X-Name-Last: Thornton Title: A survey of economics education at US community colleges Abstract: In order to increase the minimal knowledge about economics instruction at US community colleges we conducted a survey of instructors in May 2019. Although only 50 instructors responded to the invitation to participate, the survey offers preliminary insights about the economics curriculum and instructor characteristics. There appears to be widespread adoption of the OpenStax textbook <i>Principles of Economics</i> and minimal adoption of pluralist textbooks. Although most respondents believed they had significant or some scope to change the curriculum, they also registered some dissatisfaction with the current curriculum, noting the need for varied additions including behavioural economics, environmental economics, history of thought, and the study of income distribution. Respondents indicated a desire for greater respect by those working in four-year colleges and wanted more networking with the economics profession as well as financial support to attend conferences. Respondents identified increased use of online instruction and part-time instructors as worrisome trends, a majority believing both trends reduced student learning. Journal: Int. J. of Pluralism and Economics Education Pages: 24-29 Issue: 1 Volume: 11 Year: 2020 Keywords: community colleges; curriculum; textbooks; online courses; part-time instructors. File-URL: http://www.inderscience.com/link.php?id=109494 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:24-29 Template-Type: ReDIF-Article 1.0 Author-Name: Franz Prante Author-X-Name-First: Franz Author-X-Name-Last: Prante Author-Name: Alessandro Bramucci Author-X-Name-First: Alessandro Author-X-Name-Last: Bramucci Author-Name: Eckhard Hein Author-X-Name-First: Eckhard Author-X-Name-Last: Hein Author-Name: Achim Truger Author-X-Name-First: Achim Author-X-Name-Last: Truger Title: Pluralist macroeconomics - an interactive simulator Abstract: Our paper presents an innovative instrument to teach macroeconomics at the undergraduate level. We develop a digital learning platform to present and explore some controversies at the very foundations of macroeconomic theory. For this purpose, we explicitly present two competing paradigms: the new consensus, and the post-Keynesian. Several interactive scenarios are made available where the user can control different economic policy instruments and is guided through a set of problems that require appropriate action in the context of the different approaches. Journal: Int. J. of Pluralism and Economics Education Pages: 55-78 Issue: 1 Volume: 11 Year: 2020 Keywords: macroeconomics teaching; simulations; pluralism; new consensus macroeconomics; NCM; post-Keynesian macroeconomics. File-URL: http://www.inderscience.com/link.php?id=109496 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:55-78 Template-Type: ReDIF-Article 1.0 Author-Name: John T. Harvey Author-X-Name-First: John T. Author-X-Name-Last: Harvey Title: Post Keynesian modelling and simulation for the classroom Abstract: For those of us coming from the Post Keynesian perspective, intermediate macroeconomics may be our one and only opportunity to introduce students to Keynes, Kalecki, and Minsky. Several useful texts exist, and today there are many online resources, too. However, one aspect that is difficult to communicate is the importance of dynamic as opposed to general-equilibrium analysis. It is for this reason that I have developed an Excel-based computer simulation that students build and operate. It is not only set in time and capable of creating a business cycle, it demonstrates the effect of fundamental uncertainty in creating volatile forecast adjustments, includes debt and the possibility of financial crisis, and can be used to compare the effects of automatic stabilisers versus a job guarantee. This paper offers step-by-step instruction. Journal: Int. J. of Pluralism and Economics Education Pages: 79-95 Issue: 1 Volume: 11 Year: 2020 Keywords: intermediate macroeconomics; Post Keynesian; business cycle; simulation; Excel. File-URL: http://www.inderscience.com/link.php?id=109505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:79-95 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel A. Underwood Author-X-Name-First: Daniel A. Author-X-Name-Last: Underwood Title: Welcome to macroeconomics! Abstract: This article is a first day of class exercise that presents a controversial contemporary economic policy as the entry point for the study of principles of macroeconomics. The process and tools for critical thinking are presented and used to assess the macroeconomic outcomes of the (2017) Tax Cuts and Jobs Act (TCJA). Critical thinking involves a two-stage process for testing propositions about the economic system, one logical and the other empirical. The exercise introduces students to primary data sites, statistical analysis, and the use of critical thinking to make inferences about hypotheses associated with the impacts of the TCJA. The outcomes are, first and foremost, student appreciation and empowerment to self-test propositions about macroeconomic policies and their effects. Second, they will (should) understand the relevance of macroeconomic policy in affecting the material well-being of their lives. Third, students will have the expectation that macroeconomics is about active student learning from the outset, and that each day will be filled with discovery. Together, these outcomes create a classroom learning environment where students, working with the teacher, play a pivotal role in the educational process. Journal: Int. J. of Pluralism and Economics Education Pages: 96-106 Issue: 1 Volume: 11 Year: 2020 Keywords: pluralistic economic education; principles of macroeconomics; critical thinking; cognitive rejoinders; pedagogic mapping; Tax Cuts and Jobs Act; TCJA. File-URL: http://www.inderscience.com/link.php?id=109506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:1:p:96-106 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Ashraful Ferdous Chowdhury Author-X-Name-First: Mohammad Ashraful Ferdous Author-X-Name-Last: Chowdhury Author-Name: Yousuf Sultan Author-X-Name-First: Yousuf Author-X-Name-Last: Sultan Author-Name: Md Mahmudul Haque Author-X-Name-First: Md Mahmudul Author-X-Name-Last: Haque Title: Conventional futures: a review of major issues from the Islamic finance perspective Abstract: Futures contracts, a widely used instrument for hedging and speculation, has recently become of interest in Islamic finance. However, numerous studies have passed restrictive judgment against the legitimateness of futures contracts as it contains components contradicting Islamic law, e.g., offering a nonexistent product, short selling, gambling, and delay of counter values. The objective of this study is to explore shari'ah views on futures contracts. This study suggests that the validity of the contract depends solely on the nature of the agreement, the subject matter and existence of the prohibitive elements. Finally, this study recommends further research and invites collective efforts to innovate shari'ah compliant futures contacts. Journal: Int. J. of Pluralism and Economics Education Pages: 201-210 Issue: 2 Volume: 11 Year: 2020 Keywords: conventional future; futures contracts; gambling; Islamic finance; shari'ah law. File-URL: http://www.inderscience.com/link.php?id=111258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:201-210 Template-Type: ReDIF-Article 1.0 Author-Name: Arne Heise Author-X-Name-First: Arne Author-X-Name-Last: Heise Title: Ideology and pluralism in economics: a German view Abstract: As a social science, economics studies social interactions. What ostensibly distinguishes it from the other social sciences is, firstly, its focus on interactions involving the management of scarce resources and the social provising process and, secondly, its conception of itself as generating traceable, verifiable findings that are free of normative judgements but instead yield 'objective knowledge'. Some regard this methodological foundation of positivist fallibilism as the feature that makes economics the 'queen of the social sciences'. Others are critical of these core assumptions, which they believe have no place in a social science. Interestingly, both critiques and defences of economics often make reference to ideology: defenders claim that economics is as free of ideological bias as possible, while critics deny economics' status as a science and instead regard it as an 'ideology that serves to uphold power relations'. This article explores the relationship between ideology and economics with special reference to German academia, asking whether a pluralist approach to economics could help make the discipline less vulnerable to the charge of being ideological. Journal: Int. J. of Pluralism and Economics Education Pages: 114-129 Issue: 2 Volume: 11 Year: 2020 Keywords: ideology; pluralism; monism; value freedom; methodology; ontology. File-URL: http://www.inderscience.com/link.php?id=111285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:114-129 Template-Type: ReDIF-Article 1.0 Author-Name: Morris Altman Author-X-Name-First: Morris Author-X-Name-Last: Altman Title: Why realism and methodological pluralism matter for robust research and public policy: perspectives from behavioural economics Abstract: Conventional economics maintains that a critical test of the veracity of robust economic theory is its capacity to generate plausible economic predictions, irrespective of the realism of the theories' underlying assumptions. This methodological argument even holds for relatively less conventional approaches to economics such as behavioural, heterodox, experimental, and institutional. Following upon research in behavioural economics, I argue that such a methodology can easily result in the illusion of causality, the omission of potentially key variables, and closing the doors to key analytical questions as well as to publication bias. This generate perverse analytical results, with severe consequence for public policy. I argue that methodological pluralism is critical to the construction of robust economic theory, irrespective of ones' political orientation. Examples are drawn from financial markets, labour markets, and macroeconomics to illustrate this pluralistic perspective to economic analyses. Journal: Int. J. of Pluralism and Economics Education Pages: 130-148 Issue: 2 Volume: 11 Year: 2020 Keywords: methodological pluralism; behavioural economics; public policy; assumptions; realism; analytical predictions; publication bias. File-URL: http://www.inderscience.com/link.php?id=111286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:130-148 Template-Type: ReDIF-Article 1.0 Author-Name: Dirk Ehnts Author-X-Name-First: Dirk Author-X-Name-Last: Ehnts Title: Macroeconomics and the world economy in one lecture: a didactic primer Abstract: In the aftermath of the great financial crisis (GFC) a consensus has formed that economics needs to be reinvented, and most especially macroeconomics. In this article, a first lecture of macroeconomics provides students with a sound foundation. Using a graphical model we demonstrate that when net expenditures increase, the world economy expands with rising employment; and when net expenditures slow, so does the world economy. At the margin, expenditures can only be increased by injections of net deposits created by an increase in debt. Concluding this first lecture, students take away the insight that (rising) expenditures and debt are necessary for the world economy to grow, and that both the rate of unemployment and the rate of inflation are correlated to the change in debt. Journal: Int. J. of Pluralism and Economics Education Pages: 149-159 Issue: 2 Volume: 11 Year: 2020 Keywords: monetary circuit; fiscal policy; monetary policy; sectoral balances; macroeconomics; saving; financial flows; balance sheets. File-URL: http://www.inderscience.com/link.php?id=111288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:149-159 Template-Type: ReDIF-Article 1.0 Author-Name: Martin K. Jones Author-X-Name-First: Martin K. Author-X-Name-Last: Jones Title: Marginalism and maths teaching in introductory economics Abstract: Marginalist teaching methods should be abandoned in first-year economics courses, and teaching should be opened up to a wider, more pluralist, mode of teaching. This paper focuses on one aspect of marginalist teaching: the 'iterative' argument by which marginal cost is brought into equilibrium with marginal revenue. It is shown that the argument is difficult to understand, is never used beyond first year teaching, lacks empirical content and misleads as to the content of neoclassical economics. This issue extends beyond this example to other marginalist aspects of typical introductory economics courses. The genesis of these teaching methods is a desire by early marginalists to avoid mathematical notation. However, the growth of mathematical courses within modern economics programs makes this unnecessary. The elimination of these methods opens space in the curriculum for other topics. Journal: Int. J. of Pluralism and Economics Education Pages: 189-200 Issue: 2 Volume: 11 Year: 2020 Keywords: mathematics teaching in economics; marginalism; introductory economics; maths. File-URL: http://www.inderscience.com/link.php?id=111290 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:189-200 Template-Type: ReDIF-Article 1.0 Author-Name: Valerie K. Kepner Author-X-Name-First: Valerie K. Author-X-Name-Last: Kepner Title: Service-learning in the undergraduate economics classroom Abstract: Service-learning is a valuable tool in demonstrating to undergraduate students the real-life effects of applying abstract economic theories. Courses in public economics, and money and banking are especially well-suited to service-learning activities. Students are able to apply economic theories to local programs serving the hungry, the sick, and the financially disadvantaged. This paper will describe the service-learning projects assigned to students over the last several years and present qualitative evidence of student satisfaction (and dissatisfaction). The paper will conclude with reflections on the value of service-learning in teaching students the importance of the immediate social, cultural, and economic environment in determining one's opportunity to prosper and why this matters. Journal: Int. J. of Pluralism and Economics Education Pages: 160-171 Issue: 2 Volume: 11 Year: 2020 Keywords: service-learning; pluralism; public economics; higher education; economics education; money and banking. File-URL: http://www.inderscience.com/link.php?id=111292 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:160-171 Template-Type: ReDIF-Article 1.0 Author-Name: Gustavo Vargas Sanchez Author-X-Name-First: Gustavo Vargas Author-X-Name-Last: Sanchez Title: Heterodox microeconomics: the case of corn flour in Mexico Abstract: This article uses heterodox microeconomics (especially Andrews, Eichner, Lee, and Lavoie) to analyse the market dynamics of corn flour in Mexico, and more specifically, the role of megacorporations, pricing, competition, and the relationship between competition strategies and the dynamics of accumulation. Corn flour is the basic input for the production of tortillas, a fundamental food in the Mexican diet, a product that has been globally industrialised, allowing us to demonstrate its efficacy in understanding modern capitalist enterprises. First, we analyse the corn flour market in Mexico, and second, market forces, competitive strategies, and pricing strategies. Finally, using the theoretical framework of heterodox microeconomics, we represent pricing, innovation, market power, financial effects, and accumulation. Journal: Int. J. of Pluralism and Economics Education Pages: 172-188 Issue: 2 Volume: 11 Year: 2020 Keywords: heterodox microeconomics; megacorporation; microeconomics; price fixing; competition; market power; Mexican corn flour. File-URL: http://www.inderscience.com/link.php?id=111293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijplur:v:11:y:2020:i:2:p:172-188