International Journal of Pluralism and Economics Education
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International Journal of Pluralism and Economics Education (7 papers in press)
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.
Economic perspectives from the global south and why they matter for economics worldwide by Irene Van Staveren Abstract: The appointment in 2019 of Gita Gopinath as Chief Economist of the IMF is a milestone. She was born in India, in the state of West-Bengal the same state where Amartya Sen was born. And she is the first woman in this position. Her appointmentmeans that the chief economists of the worlds three most influential international economic institutions IMF, World Bank, and OECD are currently all women. Keywords: economics; global south; pluralism; gender; poverty; diversity; pluralism; standpoint theory; development economics; feminist economics.
Roundtable on Economics Education in Community Colleges by Mark Maier, Tim Thornton Abstract: . Keywords: .
A Survey of Economics Education at U.S. Community Colleges by Mark Maier, Tim Thornton Abstract: . Keywords: .
Pluralist Macroeconomics An Interactive Simulator by Alessandro Bramucci 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. Keywords: macroeconomics teaching; simulations; pluralism; New Consensus macroeconomics; post-Keynesian macroeconomics.
Post Keynesian Modeling and Simulation for the Classroom by John Harvey 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 set in time, is 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 stabilizers versus a job guarantee. This paper offers step-by-step instruction. Keywords: Intermediate Macroeconomics; Post Keynesian; Business Cycle; Simulation; Excel.
Welcome to Macroeconomics! by Daniel Underwood 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 (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. Keywords: Economic education; critical thinking; cognitive rejoinders; pedagogic mapping.