Macro Policy Seminar

aje on November 9, 2025

Lecture handout: Macro policy*

The key finding of monetary economics is that the root cause of inflation is excessive money creation. We looked at some specific examples of hyperinflation, and to learn more you can watch “Zimbabwe and Hyperinflation: Who Wants to Be a Trillionaire?” (Marginal Revolution University).

  • Steve Hanke runs the Troubled Currencies project which gathers black market data to construct up to date estimates of high inflation environments. You can see more here.

The concepts discussed in this section should help students to understand the rationale for Georgia’s “Law on Economic Freedom”, which limited the government to the following (see Lawson and Powell, 2019, p. 114):

  • Annual budget deficit of no more than 3% of GDP
  • National debt of no more than 60% of GDP
  • Annual government spending of no more than 60% of GDP
  • No new tax without voter approval

Also:

EMBA Economics for Managers – ESCP

aje on September 3, 2025

This course presents key economic models, concepts and tools that managers need to master to analyse, understand and predict trends affecting the corporate environment. We address the major contemporary macroeconomic issues with the objective to enhance the capability of each participant to imagine how they may affect their own business environment.

Course textbook:

Course handouts: download here

Schedule: download here

Instructions for the group report: download here

Practice final exam: access here

 

Pre-class activities
All cases need to be read and prepared in advance. Textbook chapters are not mandatory but are highly recommended for students without a strong background in economics. I’ve also provided a few videos and quizzes which should be helpful.
Day 1: Micro
To verify you have the maths skills necessary for this course, complete this quiz.

1. Incentives matter* (+)

2. Understanding cost* (+)

3. Auctions (+)

4. Market applications (+)

Extra activity: The Dutch flower auction
Day 2: Macro: closed economy
Before class you should watch this video and pass this quiz.

5. Inflation*

6. Macro Policy*

7. Macro Risk*

8. Macro Policy Workshop (+)

After class you should watch this video and pass this quiz.

Extra activity: NGDP Masterclass
Day 3: Macro: wider issues
9. International economics (+)

10. Macro Trends* (+)

11. & 12. Group preparation and presentations
Revision
An optional online version of this course, which may be helpful for revision, is available here.

Note:

Cases marked with a pound sign (£) are available via the learning platform.

Neoliberalism

aje on August 5, 2025

I believe that the term “neoliberalism” is a valid one, both as a concept and as an ideology. In other words, it can be used in a descriptive and neutral sense, and also the thing that it describes is (relatively) desirable. I am one of very few academics to hold both of these positions!

Indeed I am an early pioneer of using the term “neoliberal” in a non-pejorative way, with my co-authored book from 2009 “The Neoliberal Revolution in Eastern Europe“. Since then, it has become more common, and I continue to research neoliberal ideas and neoliberalism as a distinct political and economic philosophy.

Here is an old interview about the book:

 

Some recent academic publications that focus on neoliberalism include:

  • 2025 “Four phases of neoliberalism” Journal of Private Enterprise, Vol. 40, No. 2, pp. 55-71
  • “A survey of recent critical histories of neoliberalism” forthcoming in Critical Review

I have also published a couple of formal book reviews:

I have also taken seriously a potential consequence of neoliberalism: state capitalism. See:

And I have used Medium to publish some notes about books that discuss neoliberalism:

Here is my webpage about The Museum of Neoliberalism.

Economics – IFBM

aje on July 9, 2025

Managerial Economics shows the application of economic principles and methodologies to key management decisions within organizations. It provides a better understanding of the external business environment in which an organization operates and the understanding of the principles relevant to foster the goals of the organization.

Textbook:

Lecture handouts: download here

Assessment instructions: download here

Schedule: here

Course content

Pre-course activity
An optional online course is available here: Economics for IFBM, ESCP.

To verify you have the maths skills necessary for this course, complete this quiz.

Here is a short video about what to read:
Session 1 
1. Value creation* +

Textbook reading: Chapter 1.2
Session 2
2a. Cost curves* +

Evans, A.J., “La Marmotte”, January 2012

Instructions: Complete Exhibit 1 and provide suggestions for the two key decisions

Textbook reading: Chapter 2.3

2b. Auctions +

Hild, M., Dwidevy, A., and Raj, A., 2004, “The Biggest Auction Ever: 3G Licensing in Western Europe”, Darden Business Publishing (£)

Discussion question: What are the alternatives to auctions?

Textbook reading: Chapter 3.3

Extra activity: The Dutch flower auction

Extra activity: Porta Palazzo
Session 3
3a. Market applications +

Textbook reading: Chapter 3.2

3b. Adverse selection +

Textbook reading: Chapter 3.4
Session 4
4a. Read the following X/Twitter thread (also available here).

4b. Price discrimination – Debrief* +

Textbook reading: Chapter 1.3 and Chapter 4.3
Session 5: Online
5a. Group presentations

5b. Debrief
Notes: Sessions marked with an asterix (*) have a lecture handout available in advance, which can be downloaded. Cases marked with a pound sign (£) are available via Blackboard. Follow the + links for additional resources.

Extra: Best croissant in Paris (Luis); 48 hours in Paris (TOPJAW), Ploughman’s Lunch (Tweedy Pubs), a 3 course meal for £5 (Gary Eats) and how global warming is changing the wine industry.

Berlin

aje on April 5, 2025

Flying over Berlin in 1991 – aerial shots taken by a helicopter

Berlin 1990 the end of the war (Part 1, Part 2, Part 3) – home movies shot by Derek Williams, who was in Berlin to see the Pink Floyd concert.

The BBC has a very useful web resource on Tunnel 29. The excellent podcast Criminal covers it in this episode:

Here I am visiting the Berlin wall in 2023:

w

Romania

aje on April 5, 2025

Collective (2020) – a heart wrenching account of how public officials and investigative journalists sought to bring awareness and justice for the 64 people who were killed, and 146 who were injured, in a preventable nightclub fire in 2015.

How did Ceaușescu’s rule of Romania come to an end? – a 20 minute account of the Timisoara uprising that led to the toppling of the Ceausescu regime.

To see Ceausescu’s speech on December 21st and the exact moment where he realised that it was all over, see here; to see him being tried, and shot, see here.

The Transition Lectures

aje on February 9, 2025

Welcome to my four part series on transition. Join me to understand more about the transition from communism to capitalism in Central and Eastern Europe, and the battle between the Russian oligarchs and the current Putin regime.

Each video is posted below (a link to the YouTube playlist is here):

***

To listen to the lectures as a podcast just paste this RSS feed into your favourite podcast app (if you use Apple Podcasts select Library > … (More) > Follow a show by URL.

***

You can also listen to the audio below (a link to the the SoundCloud playlist is here):

Contents

Part 1: “Steps in the Dark: Why socialist calculation is impossible” (YouTube | Vimeo | SoundCloud)

In the first of this four part series we see why capitalism became the only economic system left standing.

Part 2: “Economic transition in Central and Eastern Europe: Shock therapy or gradualism?” (YouTube | Vimeo | SoundCloud)

In the second of this four part series we understand more about the circumstances following the end of the USSR, and the alternative transition strategies that former communist countries faced.

Part 3: “The Oligarchs: How the new tycoons rose to power” (YouTube | Vimeo | SoundCloud)

In the third of this four part series we look at how a new type of business leader emerged in Russia and took advantage of the transition process.

Part 4: “Russia’s kleptocracy: And the rise of Putin” (YouTube | Vimeo | SoundCloud)

In the fourth of this four part series we uncover how Putin came power, how he gained control of the Russian economy, and how he has disrupted the global geopolitical order.

Credits: Thank you to Simulus for recording and editing the content.

Background materials:

I devoted a section of Chapter 12 of my Managerial Economics textbook to transition. You can read it for free here.

Here are two videos defining capitalism and liberal democracy:

I have another lecture in this series, on Fukuyama’s ‘End of History’ thesis and how this relates to Eastern Europe, identity politics, and populism. I intend to record that as a live talk, so if you’re interested in hosting me get in touch!

Book chapters

aje on December 7, 2024

2025, “Revealing the Benefits of Trade to University Students” in Rangeley, Max, and Hannan, Daniel, (Eds.) Free Trade in the Twenty-First Century, Springer (with Wioletta Nawrot)

2015, “The financial crisis in the United Kingdom. Uncertainty, calculation and error” in Boettke, Peter J., and Coyne, Christopher J., (Eds.) The Oxford Handbook of Austrian Economics, Oxford University Press

2011, “The Irish Economic ‘Miracle’: Celtic Tiger or Bengal Kitten?” in Howden, David (Ed.) Institutions in Crisis: European Perspectives on the Recession, Cheltenham: Edward Elgar

2010, “Only Individuals Choose” in Boettke, Peter J. (Ed.) Handbook on Contemporary Austrian Economics, Cheltenham: Edward Elgar

2010, “Banking, Inflation and Recessions” in Wellings, Richard (Ed.) A Beginner’s Guide to Liberty, Adam Smith Institute

Webinars

aje on November 28, 2024

From time to time I decide to host a public webinar. They are typically based on content that I wouldn’t use in any of my formal courses, but I want to make sense of by presenting to an audience. The topics are often a result of a request or an offshoot from another lecture.

These events and are not intended to be sharp and insightful and I do not profess to have an original take or an important perspective. In most cases I am just trying to make sense of a topic, and am arranging what I’ve read about it. But if you like me lecture style and want the chance to sample some deeper but less rehearsed content then this might be for you.

Unlike my online teaching you do not need video or engagement. You can dip in and out and are welcome to leave when you need to. Consider it a drop in clinic. The format is simple: 1 hour talk, and I’ll stick around for any questions.

Previous webinars:

  • “Notes on Trump” May 22nd 2025 [slides]
  • “Are we making progress in the battle for sustainability?” January 29th 2025
  • “Scenario Planning for the Energy Industry”, EMFE Masterclass, December 8th 2022 [link | recording]