International Journal of Pluralism and Economics Education (19 papers in press)

Regular Issues

• Recharting the History of Economic Thought: Approaches to and student experiences of the introduction of pluralist teaching in an undergraduate economics curriculum  
  by Kevin Deane, Elisa Van Waeyenberge, Rachel Maxwell 
  Abstract: This paper outlines an innovative redesign of a course on the History of Economic Thought, which acted as a vehicle for exposing students to different theoretical traditions and engaging them in critical reflections on mainstream economics. It also presents findings from a research project conducted with economics students at the University of [Authors Institution]
  Keywords: Heterodox economics; pluralism; flipped classroom; History of Economic Thought; pedagogy; curriculum reform; student experiences.
  
  
• Accounting education, democracy and sustainability: taking divergent perspectives seriously  
  by Judy Brown, Jesse Dillard 
  Abstract: How might accounting educators foster greater awareness of, and facilitate democratic dialogue about, divergent socio-political perspectives regarding sustainability? Rather than focusing on business perspectives that emphasize a business case approach to sustainable development, how might they enable the expression of a range of viewpoints? Building on an emergent body of literature seeking to foster pluralistic approaches to accounting theory and practice, this paper reflects on the possibilities of developing accounting education for sustainability based on ideas of agonistic pluralism. In the process, it highlights how mainstream accounting\'s reliance on neo-classical economics has contributed to the monologic approaches that currently dominate accounting, including accounting education.
  Keywords: accounting education; neo-classical economics; democracy; pluralism; agonistics; politics; citizenship; neoliberalism; participation; sustainability.
  
  
• Key competencies, complex systems thinking, and economics education for sustainability  
  by Dennis Badeen 
  Abstract: The concept of key competencies has become an important element of education for sustainability. The cornerstone of key competencies is complex systems thinking. Most who argue for the integration of key competencies into various learning processes also suggest that such integration requires critical reflection on traditional paradigms in various disciplines. This article examines the ramifications of such integration as it pertains to economics. It is argued that key competencies can be learned by studying and applying Peter S
  Keywords: Education for sustainability; key competencies; institutional ecological\r\neconomics; neoclassical-environmental economics; complex systems thinking.
  
  
• Sustainability and Pluralist Pedagogy: Creating an Effective Political Economic Fusion?  
  by Gareth Bryant, Frank Stilwell 
  Abstract: This article considers the challenges of teaching about environmental issues and sustainability from a pluralist perspective within a political economy program. After considering the general characteristics of sustainability and pluralism, it discusses the advantages and the tensions arising from bringing them together in a university curriculum. The experience of teaching a Political Economy of the Environment unit at the University of Sydney is given particular attention. The results of a student survey show what can be achieved in terms of learning outcomes and students interests and intentions.
  Keywords: Sustainability; pluralism; political economy; heterodox economics; teaching; learning outcomes.
  
  
• How Introductory Macroeconomics Should Be Taught After the Global Financial Crisis: Data from Greek University Students  
  by John Marangos, Marilou Ioakimidis 
  Abstract: The aim of this paper is to review a range of suggestions made in the literature to improve economics pedagogy following the recent global financial crisis. In addition, we scrutinize responses to a survey of macroeconomics students from the University of Macedonia to determine issues in teaching economics and what the responses imply about how pedagogy may be improved. Both the literature and the survey analysis suggest the importance of teaching economics more relevant and responsive to real-world economic phenomena. However, different ways of accomplishing this objective are suggested by the two sources. The analysis of the Greek student survey also suggests the importance of addressing the issue of non-authoritative versus authoritative sources of information.
  Keywords: economic crisis; macroeconomics; teaching economics; Greece.
  
  
• Explaining changing individual identity: Two examples from the financial crisis  
  by John Davis 
  Abstract: This paper develops a framework for explaining change in agent identities, and uses the recent financial crisis to illustrate it by comparing two examples of identity change brought about by the crisis. The agent identity theory employed is the idea of a having capability for keeping a self-narrative or autobiographical account of oneself. This idea is developed in terms of two ways individuals identify with social groups, and in terms of the idea of individuals performing a self-concept. The two financial crisis examples of identity change concern sub-prime homeowners and bank depositors. The paper closes with comments on the role of identity analysis in a pluralistic economics.rn
  Keywords: identity; self-narrative; social groups; self-concept; financial crisis; pluralismrn.
  
  
• Economics and Democracy for Sustainability Politics  
  by Peter Söderbaum 
  Abstract: The challenges of sustainable development are multidimensional and involve all actors in society. To lmatch this challenge economics is defined in a new way as multidimensional management of lresources in a democratic society. It is argued that present unsustainable patterns raises issues of lpossible paradigm failure (in economics), ideology failure and democracy failure. A political leconomics approach is suggested where individuals and organizations are understood in political lterms. Ideology and ideological orientation are proposed as essential concepts in an alternative ltheoretical framework for economics and sustainability politics. A method for sustainability lassessment that is compatible with democracy is proposed. It is finally discussed how our chances to ldeal successfully with the climate change issue may be improved by systematically attempting to ldevelop alternatives to the neoclassical paradigm and ideology. l
  Keywords: sustainable development; UN sustainable development goals; democracy; paradigm failure; ideology failure; political economic person; political economic organization; sustainability assessment.
  
  
• Sustainable Development and Green Education in Mainland China, Taiwan and Hong Kong  
  by Fu-Lai Tony YU, Wai-Kee Yuen, Chi-Ho Tang 
  Abstract: In recent years, increasing attention has been paid towards green economics and sustainable development. The aim of this paper is to examine how the three Chinese economies (mainland China, Taiwan and Hong Kong) promote sustainability concepts through private sectors, government policies and education. In particular, it is found that the Chinese government plays a leading role in launching education for environment protection and sustainable development, while Taiwan legislates environmental education bills to promote a green economy. Hong Kong is adopting an integrated approach, which is composed of green finance, green government and green education, to promote sustainable economic development.
  Keywords: Sustainable development; green education; climate change; Mainland China; Taiwan; Hong Kong.
  
  
• Sustainable Development Viewed from the Lens of Islam  
  by Junaid Qadir, Asad Zaman 
  Abstract: In this article, we expound the Islamic conception of sustainable development, a movement that originally arose as a reaction to the myopic formulation of human development exclusively in terms of economic growth by neoclassical economics regardless of its disastrous effects on the planet and people (particularly, those of future generations). In contrast, the Islamic notion of human development is more holistic and emphasizes a harmonious coexistence of human beings and nature through the responsible utilization of natural resources, which are considered as Gods gift to the whole of humanity in the current as well as the future generations. Islamic conception of development is endogenously sustainable (as defined by the sustainable community) due to its emphasis on responsible use of resources; empathy for others (e.g., through both optional and mandatory charity); and recommendations for simpler lifestyles and minimal consumption. The Islamic tradition also provides strong support for practically implementing the vision of sustainable developmentthe Achilles heel of current sustainability effortsthrough concrete legal instruments for the state as well as incentives to individuals. The purpose of this article is to articulate the Islamic sustainable development vision and provide a brief description of the tools, incentives, and guidelines that Islam offers regarding sustainable and authentic development. rn
  Keywords: Sustainable Development; Islamic Economics; Islamic Sustainable Development; Human Development; Green Economics; Environmental Reform.
  
  
• A meaning discovery process: the unique contribution of the Austrian School of Economics and its relevance for contemporary economics curricula  
  by Carmelo Ferlito 
  Abstract: In this paper I argue that the unique contribution of the Austrian School of Economics (ASE) is found in its general approach to economic problems, an approach that, because of its emphasis on meaning, has been called radical subjectivism. In the light of such an approach, we can look at and appreciate that the ASE is probably one of the latest schools which had, and still have, the aspiration of bringing out a general theory of the economic system, with the possibility of globally responding to economic questions within a broad paradigm. Moreover, such a paradigm was developed in order to incorporate two fundamental elements disregarded by mainstream economics: real people and real time. The aim of the present paper is thus to show how teaching Austrian economics can be a source of inspiration for students and scholars because of its unique approach to economic problems; its consequent aspiration to develop a general explanation of the economic process; and the importance of linking economic analysis to the real world.
  Keywords: Austrian School of Economics; radical subjectivism; meaning; interpretation; economics education.
  
  
• The Profound Implications of Continuing to Teach 'Supply and Demand' Instead of 'Demand and Cost' in Intro Economics Courses - an Unequal Exchange Application  
  by Ron Baiman 
  Abstract: This paper is focused on the ways in two iconic memes of Neoclassical (NC) introductory economics provide the ideological basis for the key Neoliberal Perfectly Competitive Free Market (PCFM) and Free Trade (FT) economic doctrines. It argues that the Supply and Demand Model (SDM) and Ricardian Comparative Advantage (RCA) memes that ostensibly support these doctrines provide are fundamentally erroneous and should be replaced in introductory economics teaching by Demand and Cost Model (DCM) and Unequal Exchange (UE) memes, respectively. The DCM is explained in detail and used to analyze all of the situations to which the SDM is usually applied. The paper shows that the DCM model provides a more realistic view of the production economy than the largely fictional SDM that is ubiquitous even in heterodox textbooks and has become the single most important meme that students retain from introductory economics.
  Keywords: Supply and Demand; Demand and Cost; Introductory Economics Teaching; Neoclassical Economics; Unequal Exchange; Ricardian Comparative Advantage; Free Trade; Economic Memes.
  
  
• Conventional Futures: A Review of Major issues from Islamic Finance Perspective  
  by Mohammad Ashraful Ferdous Chowdhury, Yousuf Sultan, Md. Mahmudul Haque 
  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 shariah compliant futures contacts.
  Keywords: Conventional Future; futures contracts; gambling; Islamic finance; shari’ah law.
  
  
• What would have been Keynes position in the socialist economic calculation debate, and why it matters  
  by Tiago Camarinha Lopes, Rafael Almeida 
  Abstract: The socialist economic calculation debate is an important episode in the history of economic thought. It represents the struggle of socialist economists against the claim made by Mises that socialism is theoretically impossible and Hayeks argument that it is practically unfeasible. Keynes showed little interest in both sides of that debate. But, if he had participated, what would have been his position? The paper proposes some possible answers to this question by arguing that he had a unique perspective on economic planning that did not suit the antagonistic sides of the controversy.
  Keywords: socialist economic calculation debate; socialism; capitalism; communism; John Maynard Keynes; Friedrich Hayek; Oskar Lange; uncertainty; information problem; economic planning.
  
  
• Sustainable Development: An Indian Perspective  
  by B. Karunakar 
  Abstract: The article discusses sustainable development from an Indian perspective. Indias challenges are to achieve urban sustainability, improve public health and gender equality, as it builds infrastructure for its fast-growing urban population. For the 17 UN SDGs to be achieved, the government, the private sector (for-profit), the non-profit, the voluntary organisations and the public must to do their part. In this context, the role played by the government with its specific missions and higher education is examined. The new Companies Act 2013 stipulates that Corporate India needs to add investment of 2% of net profits in corporate social responsibility towards nation building efforts. Have Indian companies made progress on their contribution towards sustainability? The article ends with a note on what Hinduism can teach us about sustainable development.
  Keywords: Sustainable Development; SDG; MDG; Higher Education; UN; India; Corporate India; Hinduism.
  
  
• The importance of cross-fertilization between economics and sociology to investigating monetary issues: the case of Swiss WIR currency  
  by Guillaume VALLET 
  Abstract: This paper illustrates the fruitful cooperation between economics and sociology, the latter being considered the science of human association (namely, social interactions), in order to explore monetary issues, with the aim of implementing public policies. Using the case of the Swiss local currency, the WIR, I emphasize that money requires cooperation between economics and sociology for three main reasons. First, economic linkages related to social interactions makes money evolve as a process. Second, bankers attitude is key to making money an organic institution. Finally, banks, especially ethical banks, should be associated with the private commons. From these three reasons, I derive recommendations for public policies that are twofold: to promote the development of local currencies; and to change banking law to account for the status of private commons for banks.
  Keywords: money; economics; sociology; WIR; Switzerland; cross-fertilization; local currencies.
  
  
• A Pluralistic Approach to Public Policy: The Case of the OECDs New Approaches to Economic Challenges (NAEC) initiative  
  by Lucie Cerna, William Hynes 
  Abstract: The global financial crisis highlighted the need for international institutions to change, adapt and learn. The New Approaches to Economic Challenges (NAEC) initiative provides an important example of a strategic response to the crisis by the Organisation for Economic Cooperation and Development (OECD). NAEC proposes new economic thinking, challenges traditional assumptions, promotes and supports the adoption of pluralism. Drawing on the framework used by Laybourn-Langton and Jacobs (2018), this paper argues that the OECD has slowly embraced pluralism in response to the crisis, and changes can be characterised as a partial paradigm shift. However, the impact of NAEC as assessed by the adoption of pluralism in country reviews and flagship publications has been limited; and the OECD rather than pushing for a more radical reframing of economic policy is extending and modifying the existing economic framework.
  Keywords: Global Financial Crisis; international organisations; OECD; NAEC; paradigm; pluralism; public policy.
  
  
• Economic Pluralism: the role of narrative  
  by Jonathan Warner 
  Abstract: In a post-truth world of alternative facts pluralism is back in vogue, but for all the wrong reasons. Narrative and story-telling are important to our understanding of the world: facts are placed within a context, and the consistency of the narrative can be tested by appeal to the presuppositions and plausibility of the story. Since the Enlightenment, and probably before, the prevailing worldview has tended to assume that there was just one correct narrative, and that determining the truth was via the methods of empirical science. A plea for pluralism in economics, therefore, at first sight seems rather odd. This paper argues for a new meta-narrative for economics a new framework within which different narratives can thrive. The advantages of such an approach are explained, along with a consideration of the challenges of policy formation within a pluralistic world.
  Keywords: narrative; pluralism; modernist epistemology; post-modernism; rationality.
  
  

Special Issue on: Pluralism with Purpose Applying a Pluralist Approach to Informing Policy

• Taking a leap towards a real world macroeconomics teaching  
  by Stefanos Ioannou, Olivia Bullio Mattos 
  Abstract: Despite the centrality of finance in the workings of the modern capitalist economy, macroeconomics is still taught with no serious consideration of monetary and financial dynamics. This has become even more puzzling in the light of the recent financial crisis. Our paper discusses a more pluralistic framework for teaching basic macroeconomics, inclusive of some of the most important ideas of Keynes on interest and money. The incorporation of Keynesian economics not only allows students to broaden their thinking in considering alternative answers to given questions; it also re-shapes the questions themselves. In doing so, it changes the framework within which students come to think of policy. Focusing on the case of monetary policy, we point out the commonality between the mainstream teaching paradigm and the actual mind-set that influences policy making. Furthermore, we discuss the ways in which the scope and aims of monetary policy are altered under a Keynesian/Minskyan framework.
  Keywords: economic pedagogy; macroeconomics; money; finance; financial crisis; general equilibrium model; Keynesian economics; monetary policy; central bank; endogenous money; financial fragility.
  
  
• Choices under Epistemic Pluralism in Economics  
  by Imko Meyenburg 
  Abstract: At the core of the pluralist argument in economics is the rejection of the logical positivists reductionist one size fits all approach to scientific research. Instead, pluralists argue that there are multiple ways of constructing knowledge and that we cannot decide on the one best methodology or epistemic principle; in short, pluralistic knowledge is all there is. Yet, epistemic pluralism implies the absence of a single conclusive final methodology or epistemological principle, and consequently choice of methods, theories and concepts risk becoming relativistic under pluralism. In the light of the absence of objective choice criteria this paper argues: (1) that choices can be justified through consensuses in intellectual exchanges; (2) that MacIntyrian epistemological crises are a suitable basis for consensus under pluralism; and (3) choice under pluralism, understood as migration between different frameworks, becomes necessary for the development of framework-dependent narratives and resulting policy implications.
  Keywords: epistemic pluralism; theory choice; economics; schools of thought; policy implications; methodology; relativism; knowledge; epistemological crises; cognitive aims and methodological norms.