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Index
Note: Page numbers in italic indicate a figure on the corresponding page.
absolute dematerialisation 124 absolute surplus value 29 abstract labour 24 – 25 Acemoglu, Daron 49 – 50 advertising 47
Ainslie, George 81 – 82 animal spirits 10, 11, 78
Arizmendiarrieta, José María 110
Austrian economics: business cycle theory 41 – 43; introduction to 35 – 39; laissez-faire policies 43 – 44; mainstream vs. 34 – 35;
method of logical inference 35 – 36; positiv-istic approach to 35; tools for understanding crisis 39 – 41
axiom of action 35
Bachelier, Louis 100 bailouts 40 Barzel, Yoram 52 Baumol, William 71 Becker, Gary 65 – 66
behavioural economics: decision making in 78 – 84; fast thinking system 79; global aspect of 86 – 87; heuristics and 83 – 84; limits of 87;
nudges 85 – 87; paradigm shift 88; prospect theory 80; psychology and 78 – 79; public policy and 84 – 87; silent consent 86; slow thinking system 79; time-related biases 80 – 82
Behavioural Insight Team 76, 85 Bentham, Jeremy 78
Berle, A. 113 Bernanke, Ben 103 Bibby, Andrew 116 boom-bust process 41 – 43 bounded rationality 50, 78 Brown, J. 117
Buiter, Willem 102
Cafédirect 114 – 115 Caja Laboral 110
Cambridge Capital Controversies 8 Camerer, C. 88
capital: circuit of 27; class relations of 27; defi-nition of 27
capitalism: absolute surplus value 29; based on exploitation 21; class relations of 23; contra-dictory effects of 31; factors of production 111; production of commodities 25 – 26 care diamond 69, 70
care provision 69 – 72 causal analysis method 34 central banks 14 – 15, 16
China, economic growth in 48 – 49 circuit of capital 27
class relations of exploitation 27 class struggle 10
Coase, Ronald 45, 48, 51, 53
Cole, G.D.H. 113 colonialism 49 – 50, 114
commodities: exchange values 24; exchanging at their values 23; use values 24
commodity fetishism 25 Commons, John R. 46, 52, 53
comparative advantage theory 114, 118n4 complexity economics: description of 91 – 92;
efficient market hypothesis and 100 – 102;
racial segregation and 97 – 100; rational expectations hypothesis 95; standard economics vs. 94 – 97; unintended consequences 104
concrete labour 24 consistency assumptions 95 consumer co-operatives 110 consumption expenditures 11 – 12 contemporary capitalism 30 – 31 contingent causal relationships 36 Conway, John 96 – 97
cooperation theory 109, 110
co-operative economic theory: resource ownership 111 – 112; self-provisioning and 111
Co-operative Group 115
co-operative movement: ethical trading in 114 – 115; food industry and 108; growth of 108 – 109; history of 109
co-operatives: challenging competitive drive 112; definition of 107; economic growth in 116; establishing 107 – 108; global trading system 114 – 115; green transition 116; own-ers actively engaged in firm 113; poverty and 115 – 116; principle and values of 110;
production carried out by firms 112 – 114;
resources, perspective on 110 – 112; types of 109 – 110
Co-operatives in Social Development Guidelines 116
Co-operatives UK 108 Co-operative Tea Society 109 Co-operative Wholesale Society 109 corporate agency 53
Critical Realism 127 – 128
Debreu, G. 93 debt cycles 9
debt service 13
decision making: in behavioural economics 78 – 84; biased 88; by choice architect 85;
framework 84; heuristics in 83 – 84; in standard economics 76 – 78; too many choices in 82 – 83; traditional concept of 78 decoupling 124
deflation 13, 17n1 degrowth 128 – 129
Department for Work and Pensions 86 description of 66
Discounted Utility Model 80 – 81 discount rate 80 – 81
domestic work 64
ecofeminism 125
ecological economics: connecting to bio-physical reality 121; definition of 122 – 124; divisions of 126 – 128; fields of 130; Laws of Thermodynamics 122 – 123;
limits to growth in 124 – 125; new environmental pragmatists 126; new resource economists 126; ontology of 130;
scale of throughput activity 122 – 123; social ecological economics 127 – 129
ecological Marxism 125 Econocracy, The 3, 134
economic growth: in China 48 – 49; in co-operatives 116; social limits to 124 – 125 economic man 60 – 61, 62, 63, 78
economics: Austrian vs. mainstream 34 – 35;
causal analysis method in 34; definition of 45; market approach to 111; mathematics in 47; of property rights 52; propositions and 33 – 34; psychology and 78 – 79; as science of choice 45; standard approach to 94 – 96 economy: as complex system 96 – 97; in
equilibrium 92 – 94; as an open system 122;
as price-making market system 121; as a system 103 – 104
effective demand 7, 11 – 12 effective demand principle 11 efficient market hypothesis 100 – 101 embeddedness 128
embodied materialism 125
endogenous money theory 8, 9, 15, 16 endowment effect 80
environmentalism 126 equilibrium 3, 82, 92 – 94, 102 Eroski 110
European Society for Ecological Economics 125
exploitation: profits and 29 – 30; of wage workers 28
Fabians 113 – 114 Fagor 110
fair trade 109, 114 – 115 Fairtrade Foundation 115 fallibilism 127
feminist economics: analysing household production 63; analysing market relations 63 – 65; care analysis 69 – 72; definition of 60 – 61; investment and 72; mainstream economics vs. 62; social norms and 66 – 69;
as study of all forms of provisioning 61;
unpaid domestic work and 64 fiat moneys 40 – 41
fictitious commodities 111, 118n3 financial bubbles 101 – 102 financial instability 9
financial markets, government-induced exuberance in 39 – 41
First Law of Thermodynamics 122 – 123 Fogel, Robert 49
fractional reserve banking 42 framing bias 84
fundamental psychological law 11 – 12 fundamental uncertainty 9 – 10
Galbraith, John Kenneth 46, 47 gambler’s fallacy 83 – 84
Game of Life (computer simulation game) 96 – 97
game-theoretic analysis of institution 51 gender bias 72 – 73
gender differences 63 gender equality 60 – 61
General Theory of Employment, Money and Interest (Keynes) 6
Georgescu-Roegen, N. 120, 123 Global Financial Crisis
(GFC) 20, 101 – 102 Greenspan, Alan 39
green transition 116
gross domestic product (GDP): biophysical reality and 124; in China 49; household production relative to 64; investment as volatile component of 11; unpaid domestic work and 64
Grossman, S.J. 100 – 101 growth accounting 47 – 48 guild socialists 113
habit: choice vs. 50 – 51; Veblenian concept of 50 – 51
Halpern, David 85 Hayek, Friedrich 41, 45 herd behaviour 100 – 101 Hicks, John 7
Hidden Wealth of Nations, The (Halpern) 85 Hildenbrand, Werner 94
Hirsch, Fred 125 holding money 14
homo economicus 9, 20 – 21, 77 homo sapiens 81 – 82
household production 63 – 64, 64
households: behaviour of 65; as non-individual 65 – 66
Household Satellite Accounts 64 housing co-operatives 108
human action, structural features of 36 – 38
hysteresis 12
individual agency 51 – 52 individualism 3, 9, 31, 126 individual motivation 50 – 52 industrialisation 123 – 124 infrastructural investment 72
institutional economics: advertising 47;
definition of 45; economic development and 48 – 50; empirical databases 54; future of 54 – 55; history of 46 – 48; individual and individual motivation 50 – 52;
interdisciplinary character of 54 – 55 institutions: definition of 45 – 46; examples of
46; game-theoretic analysis of 51; individual tastes/preferences shaped by 46 – 47;
language as 51 interdisciplinarity 127
International Co-operative Alliance 107 International Society for Ecological
Economics (ISEE) 120
International Student Initiative for Pluralism in Economics (ISIPE) 134
investment: definition of 72; as volatile component of GDP 11
Invisible Hand of Jupiter, The 104 irrational exuberance 39 – 40 IS-LM model 7
Jevons’ Paradox 124 John Lewis company 114
Judgment under uncertainty: Heuristics and biases (Tversky) 83
Kahn, Richard 7
Kahneman, Daniel 79, 80, 83, 86 – 87 Kaldor, Nicholas 7, 9
Kalecki, Michal 7, 9
Keynes, John Maynard 6, 8, 78 Keynesian revolution 6 – 7 King, Mervyn 92 Kirman, A. 98 Knight, Jack 52
Korea: and institutions 49 Kuhn, Thomas 88 Kuznets, Simon 46
labour intensity 29
labour market, as subordinate market 12 labour-power 23 – 24
labour productivity growth 71
labour theory of value (LTV): definition of 22; Marxist political economy and 22 – 23;
Marx’s reconstruction of 24; rejection of 22;
surplus value and 109 laissez-faire policies 43 – 44 Lasn, Kalle 87 – 88
Laws of Thermodynamics 122 – 123 Levenstein, Margaret 116 – 117 Lewis, Spedan 114
liquidity preference 14 liquidity trap 14 Loewenstein, G. 87, 88 loss aversion 80 Lukes, Steven 52
macroeconomics 7, 9; see also effective demand principle
mainstream economics: Austrian vs. 34 – 35;
causal analysis method in 34; definition of 3; feminist vs. 62; as gender blind 61 – 62;
investment, restrictions to 72; Marxist political economy (MPE) and 30 – 31;
see also neoclassical economics malinvestments 41, 43
Mantel, R. 93
market approach to economics 111 Marshall, Alfred 45, 78
Martinez-Alier, Joan 120
Marxist political economy (MPE): approach of 20 – 22; contemporary capitalism and 30 – 31;
continuity and renewal of 31 – 32; contracts between mainstream and 21 – 22; firm profits 29 – 30; laws of development 30;
neoliberalism dismissing 19; social classes and 21; from value to surplus value 27 – 28 materials balance theory 123
Means, G. 113
means of production (MP) 27
Millennium Development Goals 115 – 116 Minsky, Hyman 9
Mischel, Walter 79
Mises, Ludwig von 33, 36, 41, 43 Mitchell, Wesley C. 46
Mondragon group 110 monetary theory 14 – 15 moral hazards 40, 41
Mortgage Backed Securities (MBS) market 101 – 102
Mullan, K. 64 multipliers 8, 12 Munger, Charlie 88 mutuals 108 Myrdal, Gunnar 46
NAIRU (Non-Accelerating Inflation Rate of Unemployment) 12
National Equitable Labour Exchange 109 natural sciences, social sciences vs. 128 Nature, political economy of 125 Neal’s Yard Remedies 115
neoclassical economics: definition of 2 – 3;
households and 65 – 66; Keynesian theory
and 7; MPE vs. 21; on preferences 66 – 67;
student grievances with 20; three prongs of 3; see also mainstream economics
Neoclassical-Keynesian Synthesis 6, 7 neoliberalism 8, 19, 30
New Classical counterrevolution 8 new environmental pragmatists 126 New Household Economics 63, 65 – 66 new institutional economists 48 New Keynesians 9
new resource economists 126 New Synthesis model 9 non-market activities 63 North, Douglass 45, 48, 51 Nudge (Thaler) 85 nudges 85 – 87, 88 Nudge Unit 76, 85
Office for National Statistics (ONS) 64 Olson, Mancur 48
optimisation 3, 94 Ostrom, Elinor 45, 46, 52 Owen, Robert 109
Pancs, R. 97 paternalism 87 path dependence 12 pensions 85 – 86
perfect competition model 82 permissive interventions 39 pervasive fragility 41 Poincaré, Henri 101 Polanyi, Karl 110 – 111, 121 positive feedback 101
Post-Keynesian Economics (PKE): develop-ment of 6 – 7; effective demand of 7; fun-damental uncertainty 9 – 10; government economic policy 15 – 16; growth models 8; history of 7 – 9; monetary theory 14 – 15;
NAIRU in 12; profit-led regime 13; reject-ing standard microfoundations 9 – 10; wage-led demand regime 13; wage-wage-led growth models 8
poverty, co-operatives and 115 – 116 power, coercive aspect of 52 price controls 38 – 39 price rigidities 7 – 8
Principles of Economics (Marshall) 78 private-property rights on economic goods
37 – 38
producer co-operatives 110
production: and accumulation of capital 30; capitalist development of 29 – 30; for exchange 37
production function approach to 49 profits, exploitation and 29 – 30 profit-seeking 31
progressive taxation 66 property acquisition 37 – 38
property rights: definition of 52 – 53;
economics of 52; legal ownership and 53 prospect theory 80, 81
provisioning 61
public policy, behavioural economics and 84 – 87
Quantitative Easing 14
racial segregation 97 – 100 rational-choice framework 51
rational expectations hypothesis 95, 102 – 103 rational exuberance 40
rational learning 52
recessions, wage cuts and 12 – 13 reductionism 128
reflexivity 101
relative surplus value 29 – 30 repressive interventions 38 reserves, bank held 42 retail co-operatives 110
Rethinking Economics 133 – 135 revealed preferences theory 77 – 78 Ricardo, David 22, 37, 114 Robinson, James 49, 50 Robinson, Joan 7 Rochdale Pioneers 109 Roelants, B. 113
Saari, D. 93 Samuelson, Paul 77 Sanchez Bajo, C. 113 scarcity 36, 111 Schotter, A.R. 51 Schwartz, Barry 83