Forthcoming and Online First Articles

International Journal of Pluralism and Economics Education

International Journal of Pluralism and Economics Education (IJPEE)

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International Journal of Pluralism and Economics Education (9 papers in press)

Regular Issues

  • Algorithmic Economics as an Economics of Thought   Order a copy of this article
    by Bin Li 
    Abstract: Computer science indicates that thinking means the processes in which a finite number of innate Instructions act serially, alternately, and selectively on data. This implies a roundabout method of production of thought, which consumes time and resources, and which requires and produces knowledge stocks. Optimizing the computing economy and decision-making timeliness, computations must frequently adopt various methods other than deductive reasoning, thus leading to a subjective turn and the occurrence of innovations. The combinational explosion between Instructions and data underscores that the socio-economic world is a one-way and explosive evolution (not too dissimilar) to the Big Bang, which begets the synthesis or unification of economics.
    Keywords: bounded rationality; Instruction; Algorithm; combinatorial explosion; subjectivity; mental distortion.

  • Teaching Inequality to ECON 101 students   Order a copy of this article
    by Junaid Jahangir 
    Abstract: The objective of this paper is to offer an approach for teaching inequality to Econ 101 students. A principal argument made is that it is necessary to teach inequality to Econ 101 students and that any discussion of inequality is incomplete without addressing taxation. Multiple ways of broaching inequality are shown by a review of salient points from various textbooks and think tank analyses. The renewed approach is developed by motivating students through popular memes, data analysis, a comparative outlook of salient ideas, and a simple simulation exercise to study the impact of an increase in the top tax rate on tax revenues.
    Keywords: inequality; Econ 101; top 1%; corporate taxes; wealth tax; top tax rates; teaching economics.

  • Microeconomics, consumer theory, and the Michael Grossman model: Some unexamined issues   Order a copy of this article
    by Khandakar Elahi 
    Abstract: The Michael Grossman Model (MGM) is a theoretical cornerstone of Health Economics that is founded on the basic market model of modern mainstream economics. This basic model, this paper argues, has specific epistemic and logical properties that limit its replication to any applied branch of the discipline. The reason is that it is an abstract model, meaning that it has no referent. MGM intends to display the unique features of medical care demand, which disqualifies it its use as the basic market model directly. More specifically, the abstract model needs to be redefined given the unique features of medical care demand. Therefore, MGM inherits some unimprovable difficulties which constrain its usefulness in both pedagogy and policy analysis, which suggests that the MGM demands a critical review and reformulation
    Keywords: health economics; health care; Michael Grossman model; demand for good health; microeconomics; economics pedagogy.

  • The transformational paradigm: A way forward for Islamic economic axiology   Order a copy of this article
    by Muhammad Sholihin, Arqom Kuswanjono 
    Abstract: Despite the recent (and vigorous) debate on the methodology of Islamic economics, its axiology has not been seriously discussed. In this regard, this study reviews the axiology of Islamic economics introduced by various paradigms in Islamic economics. We classify the axiology based on the oriented paradigm via a scoping review. As a critical response to the axiological classifications, this study highlights the weaknesses/criticisms and offers an alternative axiology within the framework of the transformational paradigm.
    Keywords: Axiology; Islamization of economics; methodology; pluralism of Islamic economics; positivism; tawhidic paradigm; pluralism.

  • The Mediating Effect of University Image on the Relationship between Curriculum and Student Satisfaction: An Empirical Study of the Royal University of Bhutan   Order a copy of this article
    by T. Antony Alphonnse Ligori, N. Suresh, Shad Ahmad Khan, Tenzin Rabgay, Karma Yezer 
    Abstract: A college/university needs to retain quality teachers through retention policies, but to do so it must assure and maintain quality (both tangible and intangible) in order to provide quality education. This study measures the satisfaction level of students at the Royal University of Bhutan. The input variables are Curriculum and University Image; and additionally, the study investigates the mediating effect of University Image between Curriculum and the level of Student Satisfaction. The results indicate a full mediation of University Image between Curriculum and Student Satisfaction. Our findings will facilitate the university (and other higher education institutions) to maintain curriculum quality while enhancing university image, ultimately leading to student satisfaction.
    Keywords: Curriculum; University Image; Structural Equation Model; Student Satisfaction Index;Royal University of Bhutan,Bhutan.

  • A Structured Approach for Comparing Monetary Theories   Order a copy of this article
    by Jan Greitens 
    Abstract: This article presents a structured approach for comparing monetary theories based on their primary monetary function. The proposed taxonomy clarifies and highlights the underlying assumptions of selected monetary theories and applies the derived lines of thought to historical examples. The advocated line of thought is a normative decision regarding the relative importance of the different functions. According to the store-of-value line of thought, the conservation of purchasing power is the most relevant function. The medium-of-exchange line of thought maintains a stable monetary value in the circulation of goods and services. The means-of-payment line of thought emphasizes an active role of money and the possible influence of the society on money and the economy. In contrast, the unit-of-account line of thought reduces money to a passive role, adjusting elastically to the needs of the real economy. While no taxonomy can be comprehensive enough to include any specific monetary theory, our approach explores monetary theories by asking relevant questions and contextualizing them.
    Keywords: monetary theory; functions of money; taxonomy of monetary theories; history of economic thought.

  • Understanding economics does not equal understanding the economy: Designing teacher education from a socio-economic perspective   Order a copy of this article
    by Georg Tafner, Marc Casper 
    Abstract: Reflected pluralism and controversial discourse are hallmarks of mature science. Although economics as an academic discipline should not be an exception, some debates suggest that it is dominated by a mainstream of neoclassical research and teaching, opposing learning objectives such as critical literacy, multi-disciplinarity, and pragmatic competencies applicable to the real-world economy. Respectively, understanding economics (as an established discipline) does not equal understanding the economy (as a set of real-world phenomena). Thus, especially in economy-related teacher education, many questions concerning how to approach economics as a subject matter remain unanswered. Design-based research can serve as a means of investigating such questions and prototyping new course designs. This paper introduces such an approach, aiming at effective socioeconomic course designs and an empirical exploration of how student teachers in Germany and Austria experience pluralism in economics.
    Keywords: pluralism; socioeconomics; teacher training; design-based research; reflexive business and economic education.

  • Analysis of Consumer Behaviour in E-Purchasing Online Courses Post COVID-19   Order a copy of this article
    by Neha Anand, Kavita Indapurkar, Anuradha Jain 
    Abstract: E-commerce saw a booming trend during the COVID-19 pandemic when physical businesses were locked down. This paper investigates how this trend has affected the education sector in terms of online courses. The paper aims at discussing the factors that affect the decision of working and non-working individuals with bachelors and masters degree to purchase online courses and then use the knowledge of those factors, to help producers and distributors to build business strategies for selling these online courses. A principal component analysis was conducted on the actions that affect a working professional and non-working individuals decision to purchase online courses. Furthermore, multiple regression analyses revealed that the goodwill of the institutes that provide these online courses and the attitude of consumers have a preponderant effect on the decision of consumers i.e. working professionals and non-working individuals to buy online courses.
    Keywords: Exploratory factor analysis; multiple regression analysis; consumer purchasing; education; online courses working and non- working individuals.

  • WHY PLURALISM   Order a copy of this article
    by Frederic B. Jennings Jr. 
    Abstract: This paper makes a case for pluralism in academics, arguing that dogma is a pathological symptom of a model based on substitution applied in a setting characterized by complementary interactions, such as those in education, ecology or in all long-term economics. Our rational limits make all of our knowledge selective, focused and therefore also implacably blind to what is ignored, implying a case for multiple models since each provides some perspective on all left out of the others. The more ways we can think about something, the better our chance of fitting our frame to the case at hand. Here we consider the issue in a historical context: the general use of substitution assumptions in economics stems from a claim about decreasing returns that does not pertain to long-run cases, which involve falling costs and therewith a generalized complementarity in economic relations.
    Keywords: pluralism; complementarity; cooperation; competition; substitution; planning horizons.