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

Regular Issues

• The parable of the great bean toss
  by Yue Ming, Jonathan Warner 
  Abstract: This fictional story shows how, in a world of perfectly rational agents, policymaking can become complicated, because of the role in which policy can be anticipated, where any expected change in policy will immediately be taken into account by the rational agents. In effect, it extends the Lucas critique to its logical conclusion. In the land of La Noitar live the Noitars, people who think alike. Their ruler strives to maximise the people's well-being by choosing the optimal economic policy through meticulously filling out a big chart. All goes well, until one day when the chosen policies start to lose their effectiveness. This happens because people react to the policies based on their expectations of what will happen. To cope with this, the ruler must incorporate the people's expectations in the calculations by expanding the chart. However, as the chart expands, people also re-adjust their expectations. As time goes by, policies become increasingly short-lived and ultimately work only when they are unexpected, surprising the people. In the end, policymaking relies completely on randomisation, and the ruler retires.
  Keywords: economic policy making; rational expectations; rationality; monetary policy; Lucas critique.
  
  
• On mixed methods research and pluralism in economics  
  by Ioana Negru 
  Abstract: Modern economics tends to be dominated by the use of econometrics, mathematical and statistical techniques, that are quantitative in nature. This paper aims to investigate the potential that mixed methods research and mixed data research have for economics as an entirely 'different type of methodology'. Economics, as a scientific discipline, is built upon various ontological and epistemological presuppositions, but practising economists seldom theorise and analyse them systematically. Whilst mainstream economics use predominantly quantitative methodologies, heterodox economists employ a variety of methods and methodologies including a qualitative framework or a combine/integration. I argue that research pursued by both mainstream and heterodox economists would benefit from more openness towards methods and methodologies coming from all corners of natural and social sciences and from a clear awareness of how, when, and why we combine and integrate methods at various stages of the research process.
  Keywords: pluralism; mixed methods; qualitative research; quantitative research; triangulation; economics; Tony Lawson; Fred Lee.
  DOI: 10.1504/IJPEE.2023.10062621
   
  
• Revisiting the origin of money: from precious metals to work: alternative pathways on the origin of currency and its impact on modern economics  
  by Bas Dommerholt 
  Abstract: This article explores how money evolved from records of food distributions kept by early farmers. Food distributions became wage standards that were used in regulatory supervision to denominate the costs of the production of goods. These cost prices enabled accountants to calculate balance sheet totals, long before the first coins were issued. Coins were tokens of credit that came with a precious metal lien to limit credit risk after the Bronze Age collapse and the prohibition of interests. This evidence-based explanation of money potentially affects policy discussions ranging from predatory lending to digital currency. Teachers aspiring to provide students with a historically accurate understanding should consider integrating this article into their standard explanation of money.
  Keywords: origin of money; accounting; prices; taxes; seigniorage; digital currency.
  DOI: 10.1504/IJPEE.2023.10062407
   
  
• Transformative finance  
  by Christian Fahrbach 
  Abstract: Transformative finance is a new topic in financial economics and provides a new methodology to stabilise financial markets in an economic crisis. The objective is to balance financial markets in an ongoing bear market. In this case, the central bank and the state are required to implement either negative nominal interest rates or negative nominal interest rates after taxes through appropriate monetary and fiscal policies. Accordingly, there are two different economic policies in which the central bank and the state play very different roles and which still lead to the same result. Both have the same effect on investor expectations: investors are guided by negative interest rates (after taxes), adjusting their return expectations downwards, making cheap equity available and thus easing financing conditions for companies. Both strategies are theoretically equivalent: stabilising the financial markets at a lower level of return on assets, thus promoting a lasting economic recovery.
  Keywords: bear market; economic crisis; finance; stock market; financial market; stability; negative interest rates; wealth tax; corporate social responsibility; monetary policy; fiscal policy.
  DOI: 10.1504/IJPEE.2023.10060365
   
  
• Mapping the field of a diverse discipline - towards a taxonomy of business ethics  
  by Christoph Schank, Moritz Botts, Johannes Hirata 
  Abstract: The diversity of business ethics approaches makes the field interesting and productive, but it also poses challenges to investigating the field. To help scholars make sense of the complex business ethics landscape, an analytical framework is needed, especially in light of cultural-specific approaches to business ethics. To this end, we propose a taxonomy consisting of ten criteria on four levels to systematise business ethics approaches. We demonstrate the analytical rigor of the taxonomy by applying it to three schools of business ethics from German-speaking countries, namely the economic theory of morality, integrative economic ethics, and cultural business ethics. As a result, commonalities and differences become visible, and scholars may find it easier to identify linkages with their own discipline.
  Keywords: business ethics; taxonomy; integrative economic ethics; economic theory of morality; cultural business ethics.
  DOI: 10.1504/IJPEE.2023.10063000
   
  
• Pluralist economics education and sustainability: future directions  
  by Hesham Magd, Saurav Negi, Mohammad Sultan Ahmad Ansari 
  Abstract: This study examines the role of pluralist economics education in achieving sustainability and suggests approaches/pillars as a way forward. We find that pluralism in education can play a significant role in contributing and developing the capabilities that are essential for easing the transition to a sustainable future. Empowering current and future generations with pluralistic economics knowledge and skills is crucial in the journey toward sustainability. To attain sustainable goals, there is a need for a high-quality pluralist approach to education where students are exposed to novel pedagogical methodologies, interactive learner-centred teaching, and effective learning environments. Some of our suggestions to achieve sustainability are curriculum reorientation, teacher training focus, sustainability-focused competency development, real-world learning applications, and the design of educational resources.
  Keywords: pluralism education; sustainable development; economics education; pluralist economics; pluralist society; sustainability.
  DOI: 10.1504/IJPEE.2023.10063130
   
  
• Information and communication technology use in the teaching and learning of high school economics: are we there yet?  
  by Sindiswa S. Zondo, Emmanuel O. Adu 
  Abstract: This qualitative study employs an interpretive case study to investigate the efficient use of technology tools in teaching and learning economics. It also examines the teachers' and learners' views of technology use in economics education. Two economics teachers and learners in three high schools in Durban, South Africa were purposively sampled; and semi-structured interviews, observation, and document reviews were used to collect data. The participants reported positive perceptions of technology use in economics education. However, lack of technology skills, insufficient resources, learners' socioeconomic status, theft, and vandalism of the school property hampered the effective use of technology. We found further inabilities of using information communication technology in economics education by teachers. Thus, we recommend that the subject 'computer application technology' be compulsory in schools and that teachers' technological skills be enhanced. The government and the schools must ensure the availability of standard resources if technology is to be effectively used in economics education.
  Keywords: economics; learners; information communication technology; teachers; secondary education; South Africa.
  DOI: 10.1504/IJPEE.2023.10063001
   
  
• An empirical investigation of higher education students' intention towards green products usage/purchase: what can educators do?  
  by Shad Ahmad Khan, Hesham Magd, Madhur Batra 
  Abstract: Planetary sustainability is becoming a crucial point of concern across the globe. The Paris Agreement 2015 urged all members to enact immediate measures to prevent global warming; failure to do so would lead to irreversible environmental damage. Green products (GPs) usage and production is one potential solution to achieve planetary sustainability. Students in higher education institutions (HEIs) will soon start their working lives; thus, their attitude towards planetary sustainability and intention to use green products may help the world to achieve the sustainability goals. This study investigates the HEI students' intention in six countries to buy/use GP and highlights the attendant role for educators.
  Keywords: sustainability; green products; GPs HEIs; educators; purchasing; higher education.
  DOI: 10.1504/IJPEE.2023.10061177
   
  
• Revival of Nautanki through the agency of north Indian youth to achieve planetary sustainability  
  by Nitin Mane, Ruhi Lal, Satyabrata Rout 
  Abstract: Nautanki resides in the collective consciousness of the North Indian populace and constitutes North Indian cultural identity. The study involves youth in critical and creative thinking. We argue that student engagement with local, national, and global communities would impart a sense of social and personal responsibility, enabling students to find meaning in their individual lives as well as in the public arena. We argue that realistic performances and contemporary content would increase the appeal of Nautanki to youth. We further suggest that the organisation of Nautanki festivals, competitions, and conferences for youth would create meaningful interaction between Nautanki artists and youth. The positive attributes of Nautanki such as singing, dance, vibrancy, freshness, and humour could motivate the youth to engage in the creative practices of Nautanki and help bridge the gap between rural Nautanki artists and the youth. The symbiotic association would create cultural and economic sustainability in their ecosystem.
  Keywords: folk theatre; critical thinking skills; sustainability; performance theory; Bakhtin; Richard Schechner; intangible arts; pluralism; Nautanki revival; North Indian youth.
  DOI: 10.1504/IJPEE.2023.10062103