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| The Economics Web Institute offers you to freely explore classical and innovative issues in economics and management, drawing on a large array of theoretical reflections, real data, and interactive software models. The Institute sweeps across a wide range of topics, from macroeconomics to market structures, from management to international trade, from economic policies to climate change because we believe in the emergence of aggregate new properties from micro heterogeneity and in the intertwining between individual economic agents with macro events. Albeit open to exploration for further concepts, the Institute tends to use and develop mainly the "evolutionary economics" paradigm, which we feel particularly suitable to 21st century, to its complexity and hectic dynamics of economies and societies. We think that 21st century economics requires realism and complexity-awareness and that business sciences should meet with economics, history with statistics, qualitative methods with computer simulation. The Institute is committed to combat climate change, by innovative comprehensive policies and by participating to science-based policymaking, including UNFCCC sessions and national decarbonization strategies. The Institute offers analyses and policy concepts for free, whereas it is ready to support their implementation across the world in specific projects. Number of visitors in 2023: 42 000
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| Analysing the Paris Agreement An initiative of the Economics Web Institute in Italian language and in automatic translation to English, French, Spanish and Arabic. Selected contents |
Essay: Prices and quantities This paper explores mismatches between ECON101 textbook theory of consumer demand and empirical evidence from the real world that you can collect by yourself, so to replicate (confirming, widening or rejecting) the proposed analyses, as a scientific approach would authorise and ask for. Key concept: Human beings (2020) Key concept: Pluralism: an alternative to the methodological individualism of neoclassical economics (2020) Essay: Market share structures: an exhaustive list and a research agenda (2021) By applying our approach of temporal morphogenesis, we singled out all 18 429 ways in which a market can be split across different firms. We provide a univocal nomenclature, compute a reference value of the Herfindahl index for each market share structure and lay down a research agenda for empirical and model-based studies, including evolutionary and history-friendly models. The list can be a valuable tool to compare models within and across different traditions of economic thought. PDF Appendix A (the list) Appendix B (empirical analysis) Appendix C (Herfindahl) We also release the code in Excel with which you can attribute a market to a structure with a simple click. Essay:
Tesla Cybertruck:
your next income stream? An outcome of a new business model
(2019-2024) Essay: Pro-diffusion-of-innovation tax A small tax levied on non-adopters can boost the diffusion of any new technology, including those required in climate change mitigation and adaptation strategies. The tool costs nothing to the policy-maker and can enjoy a fairly good opinion in the general public. A political economy application of agent-based models. Essay: The rich and the poor This short paper presents an exploration of the differences between the rich and the poor, as they result from a formal model. Software:
Costs Software [2050 KB] Essay: Towards a study of human needs and their satisfaction through the construction of solutions In this rich but fragmentary text, we move beyond choice from a given set of alternative towards a conception of human beings and their needs which are satisfied by processes of construction of solutions. In this we do not only criticise the neoclassical theory but pose some of the bases to an alternative to bounded rationality as it has been proposed until now. The text contains statements that have been developed (in English) in this text, which would probably help the readers. Unfortunately for some of them, the current version of this outline of workplan for such a study is in Italian language. Key concept: Economic recovery Key concept: Economic recession Key concept: Time (2019) Essay: Real change is expensive, but necessary: the UK Labour Manifesto for the Economy + the whole Manifesto and our Director' signature among top 163 economists (2019) Economic data: GDP dynamics of all countries in the world UNFCCC Paris Agreement Full text (12 December 2015) Our director interviewed live by Aljazeera from COP21 in Paris
Key concept: Economic expansion Key concept: Trough - lower turning point in the business cycle Key concept: Peak - upper turning point in the business cycle Essay: When the poor pay more than the rich This paper presents eleven groups of reasons and conditions under which, painfully surprisingly, the poor has to pay a higher price than the rich for the same good or for the same fulfillment of a need. This is conducive to devise innovative anti-poverty policies and business practices. Essay: The evolution of global risks from economic to political and environmental risks The full range of World Economic Forums reports from 2018 to 2005 Essay: Wealth inequality around the world (2018 Oxfam report) Essay: How a 100% renewable energy world is feasible in 2050 Link: The world’s most influential companies commit to 100% renewable power Evaluating the current evolution of GDP towards quality A new nowcasting technique is coupled with a quality-oriented analysis of GDP to provide a tracking tool for policies and innovations introduced by policymakers. GDP is split into quality and non-quality components in a certain reference year, then nowcasting techniques are employed to provide an estimation of the current evolution. As new monthly data are available, re-estimation can be performed, with policy-makers being given timely feedback on their actions. Essay by Frenda, Piana and Scippacercola in the Procedia journal Key concept: Competitor (2014) A sharp and strict definition of competitor allows for quantitative index of competitive strength to be computed and complemented by dynamic and qualitative approaches. The computer code to perform the same analysis on your own data is distributed for free, together with a huge dataset in world trade. Key concept: Routines (2013)
Book: The paradigm of social complexity: an alternative way of understanding societies and their economies (2020) It's not only a great book of more than 1000 pages: it's a full program of activities.
Essay: Temporal morphogenesis (2020) This paper provides a method to enlist all possible states-of-the-world and changes in a micro-meso-macro system as well as all possible shifts in the emerging distribution of entities. Although the analysis is conducted at a fairly abstract level, bordering with mathematics, this conceptual pathway includes a host of potential applications for the kind of pluralistic perspective that we are developing for economics. In particular application to the dynamics of income distribution, market shares, and business cycles are explored. Emerging properties, a central yet elusive concept of evolutionary economics and complexity approaches to human systems are given a new formal treatment, with executable code for your developments. Morphospaces of different dimensions are released for the first time, allowing to experimentation of alternative abstract processes producing them as emerging properties from micro and meso levels.
Economic data: Consumers' microdata: incomes, preferences, purchase timing
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| Key concept: Foreign direct investment Key concept: Insurance (2013) Key concept: Economic boom (2015) Key concept: Economic depression (2015)
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| Key concept: Substitute goods Key concept: Poverty Key concept: Advertising
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| Key concept: Cumulative bundle
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| Software: You are an exporter Suitable for beginners and researchers.
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| Key concept: Product differentiation
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| Key concept: Unemployment
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| Key concept: Profits Key concept: Urban regeneration
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| Key document: Outcomes from Lima UN Framework Convention on Climate Change COP20 Key document: Fighting climate change: fhe final outcome of Cancún UNFCCC summit (Outcome of the work of the Ad Hoc Working Group on Long-term Cooperative Action under the Convention) Key concept: Microfinance Key concept: Repurchase Essay: Copenhagen Green Climate Fund - A Comment
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CO2 emissions and other GHG emissions Climate change is influenced by human CO2 emissions. The international distribution of emissions for 41 countries (1990-2005). Essay: Towards COP15: UN note about climate change tools and their consequences Essay: An innovative policy to spread clean technologies - Presented at the Copenhagen conference on Climate change: Global risks, Challenges and Decisions Essay: Microfinance in Ghana: an overview (2007) A sound example of vibrant and innovative economy, Ghana offers a great institutional richness of microfinance institutions, as explained in this paper. Outlining the challenges, a Central Bank insider calls for further improvements in the organization of the sector.
Key concept: Services | |
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Course outline and teaching materials: BUBBLES, PANICS AND CRASHES: AN INTRODUCTION TO ALTERNATIVE THEORIES OF ECONOMIC CRISIS This course by Dr. Sakir Devrim Yilmaz provides consistent foundation for students to understand real-world crisis, concisely presented here. It has been arrogantly banned by his Mancherster University, which did not renew the contract to Devrim Yilmaz, whereas he deserves a large scale appreciation. For the media storm this censorship gave rise, see here and here.
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Key concept: Gross Domestic Product
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| Essay: Proximity in product space and diversification strategies Key concept: Social groups Essay: The Shangahi Declaration (October 2010)
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| Presentation: Regional integration between Italy and France Conference proceedings with a key speech by Valentino Piana, director of EWI, about the book he wrote. Presentation (Italian language)
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| Economic data: Bilateral trade by product A huge cubic matrix of international trade by exporter, importer and product. More than 1 million records indicating trade among any two countries in the world (total and by product). From this datase you can extract the world market for more than 1000 product categories (standard SITC codes at 4-digits of aggregation), exhaustive of merchandise trade. Cumulative values for 1998, 1999 and 2000. Data in DBF format, easily readably by free viewers and MS Access. | |
| Essay: The production function of students' grade A critical introduction to the neoclassical concept and use of the "production function". To help students understanding the concept and its limitations, the author proposes to take into consideration a particular production process that should be well known to them: the production of grades in an exams after an education course. Key concept: Trade balance
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| Key concept: Degree of difficulty
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| Presentation: Marketing, Quality Assurance, and Microfinance: three tools for sustainable tourism Presentation (Italian language)
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| Essay: Bilateral import promotion as a key to integration in a hierarchical world Changing the world order from below: a challenge for rich and poor countries. This is a first policy to raise integration relations instead of dependence and isolation. Economic data: Bilateral and total trade of all countries in the world: a long time series An amazing huge dataset with the bilateral trade balance, imports, and export of 186 countries with each other (square matrices of 186 x 186), with yearly data from 1948 to 2000 (52 matrices). Standardized consistent values. Essay: A Review of the UK Economy in 2015
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Economic data: Wage microdata: a random sample with age, education, sex, marital status, sector, occupation and other variables
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| Presentation: Loan structure Presentation (Italian language)
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| Essay: Trade with thy neighbour Proximity international trade creates the kind of relative bilateral monopoly that might bring to economic integration on equal foot, with deep reciprocation and internalization of bilateral externalities. Marginalized sub-national regions and communities might thrive because of the activation of legal trade across the border. This paper assesses the importance of trade between neighbours for the involved regions and for the overall structure of the world relationships.
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| Essay: Hierarchy structures in world trade
Check the position of your country in the world system!
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| Key concept: Exchange rate
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| Key concept: Innovation
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| Essay: Consumer decision rules for agent-based models A clear-cut introduction to evolutionary consumption microfoundation in agent-based models. It proposes several rules to cope with budget constraint and purchase repetition over time. In particular, you shall find the rules of consumer behavour used in the freely downloadable model "Race to market", which gave rise to these micro-data. Moreover, it suggests to ACE modellers a "golden rule" for more realistic models.
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| Essay: Dynamic competition with bi-directional product differentiation, bounded rational consumers, innovation, advertising, and finance Useful for managers, researchers and students, this business game is a powerful tool for understanding product life cycles, consumers' attitudes, innovation management strategies, competitive intelligent tactics. Essay and automatic download [2400 KB]
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| Essay: Who matters in a complex society?
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| Key concept: Feedback
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| Key concept: Imitation
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| Economic data: Long-term macroeconomic data for 136 countries and 42 years The most user-friendly distribution of the main international database on GDP components (consumption, investment, public expenditure and net exports) for 136 countries and 42 years. Excellent for international comparisons, long-term growth enquiries and business cycle analysis, since it provides real values at constant prices comparable over time and countries.
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| Book: Crash - why it happened and what to do about it An instant full-fledged book by heterodox economists, including Frédéric Lordon, Dean Baker, James K. Galbraith,Paul Davidson, George Soros about the financial and the housing bubble and crisis and ways out. PDF from Post-Autistic Economics Network
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| Key concept: Tax revenue
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| Economic data: Tax revenue in OECD countries (1966-2000) plus a comparison in tax systems
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| Economic data: Tax revenue composition (income personal and corporate tax, indirect tax,...)
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| Software: The rich and the poor
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| Key concept: Inflation | |
| Key concept: Savings
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| Economic data: Savings behaviors in the UK population (2000 and 2001) PDF [860 KB]
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| Essay: The new conceptual limits of laisser-faire Prof. Sergio Bruno presents his standpoint in terms of a wide and modern critique of laisser-fairism. General economic equilibrium is put into question on the basis of new conceptions of time, uncertainty and complementarities in production processes. Thus, "well targeted policies may be of much help. [...] What these different forms of intervention have in common is that they are based neither on coercion nor on traditional incentives, but rather upon suasion and negotiations". Essay [470 KB]
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| Essay: Animal Spirits, Lumpy Investment and Endogenous Business Cycles Going well beyond Real Business Cycle or New-Keynesian perspectives, this evolutionary model with fully micro-founded heterogeneous bounded-rational agents is able to generate self-sustaining patterns of long-term growth and endogenous business cycles, delivering strong reasons for really observed stylized facts (e.g. on investment, GDP, consumption, employment ; unemployment rate; firm size distributions).
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| Essay: Evaluating the benefits from liberalization in agriculture: are standard Walrasian models relevant? Liberalisation, preventing price stabilisation policies, results in more instability, and a decrease in welfare, as it is numerically demonstrated in both a partial equilibrium model of the world sugar industry and a GTAP-style general equilibrium model of the world economy.
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| Key concept: Costs
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| Essay: Survival strategies: innovate or die To devise new modified versions earlier than expected during the product life cycle can costs you cannibalising your own product but leaves no room to competitors, thus resulting in long-term business success.
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| Essay: Credit risk: a general scheme in a banking perspective What are the issues banks evaluate for assessing credit risk when they are going to give a credit facility to a borrower? This essay proposes a general synoptic scheme in order to answer to this question. The problem is crucial not only for the bank but also for the economy at large, since overall investment and consumption are affected by micro-decisions of this kind.
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Economic data: Stock exchange index for 10 markets (S&P500, Nikkei, Dax, Cac,...) - Daily quotes (1995-2000)
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| Key concept: Interest rates
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| Economic data: Lending and deposit interest rates in 13 EU countries (1980-2001) 92 national interest rates have been identified and allocated to ten broad categories - six for lending rates and four for deposit rates. MS Excel [180 KB]
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| Key concept: Public expenditure
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| Economic data: Total expenditure on health in OECD countries (1960-2000)
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| Economic data: Quality of education: 16 indicators (26 countries)
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| Key concept: Exports
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| Key concept: Imports
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| Economic data: Inflation rates for 170 countries (1970-1996) Yearly dynamics of inflation is presented in one sheet. Is price stability a common feature of the world economies? Is hyperinflation a disease that hurts some groups of countries more than others? Discover the answers to these and many other questions just analysing the real data.
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| Essay and Software: You are a monopolist The traditional monopolist's choice about price and quantity is now given a new dynamic setting where you can interact. Demand is unknown and the produced good is durable across periods of time. Thus, sales needn't be equal to production since inventories can pile up and go down. A lot of strategic consequences arise, as you can discover playing with the business game.
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| Key concept: Money | |
| Key concept: Balance of payments | |
| Key concept: Employment | |
| Economic data: Comparable wages for 162 jobs in 132 countries The MS Excel file with a user-friendly interface of the excellent dataset by Freeman - Oostendorp. Long-term time-series from 1983 to 1999. This data set allows for comparison of wages across countries for the same job, over time, underlining the differences between skilled and unskilled works. MS Excel [2.9 MB]
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| Economic data: Wages for 22 500 jobs across all industries The wage distribution with means and medians for a huge number of jobs. How much does a lawyer earn? How many times is he paid more than a food preparation worker? Discover wage inequality thanks to an authoritative US dataset. MS Excel [2.4 MB]
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| Economic data: Wages in New York A city wage distribution. MS Excel [79 KB]
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| Key concept: Productivity | |
| Economic data: Industry-level output, employment, costs, investment, capital stocks over 38 years An excellent dataset for studying the evolution of hundreds of industries. MS Excel [4 MB]
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| Economic data: Oil world prices (1861-1999) A very long time-series of a crucial price for the world economy. Gain new insights in inflation tides and business cycles. MS Excel [7 KB]
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| Software: The IS-LM model A Cartesian-space IS-LM model illustrating step-by-step how the curves arises from points. It reproduces what usually students learn in universities throughout the world, offering the possibility of changing the model parameters. It is a second example of Prof. Masaru Uzawa's collection of software.
Software [340 KB]
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| Economic data: EU data for all the variables in IS-LM model (Germany, France, Italy, Spain, UK, Switzerland and other 13 European countries) MS Excel [550 KB]
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| Economic data: Data for all the variables in IS-LM model Comprehensive of 54 variables in long-term annual and quarterly time-series, this US dataset is excellent for students to test the model as well as for researchers to develop original reflections. MS Excel [104 KB]
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| Key concept: Price level
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| Economic data: 93 Food products prices in 198 countries (1985-2001) The price of sugar, milk, meat and many more foodstuffs. Ideal to compare price structures over countries and time. By transforming these local-currency data in dollars, you can test the "one price law", according to which any good has the same price worldwide, after taken into account nominal exchange rates. Comparing with world wages, you get the real purchasing power of people in food terms.
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| Key concept: Elasticity
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