| Max-Weber-Kolleg, Religion, Society, and World Relations, Knowledge, Spaces, and Media, Research

Publication on new principles of economics

Despite the dynamic development of economics, the way it is taught and how it defines its basic principles have hardly changed since the last century. As a result, economics has been criticised for failing to provide relevant insights into global challenges. With the work just published by Routledge, "A New Principles of Economics. The Science of Markets", published by Routledge, Professor Carsten Herrmann-Pillath from the Max-Weber-Kolleg at the University of Erfurt and Professor Christian Hederer from the Technical University of Wildau now present an answer to this criticism.

The authors develop a new conceptual framework for the study of economics that establishes economics as the science of markets. In doing so, they integrate the latest developments and research results not only in economics, but also in the neighbouring Social Science concentration and other disciplines such as psychology and physics. The work introduces a number of new perspectives, including the consideration of the economy as part of the Earth system, the direct linking of production analysis with an analysis of technology and thermodynamic principles, the explicit treatment of markets as forms of social networks linked by the institution of money, and the problem of distribution as a central category of political economy analysis. In this way, the work not only opens up new academic territory, but also lays an innovative foundation for the realistic communication of economic contexts to students and a broader public.

Carsten Herrmann-Pillath: "In this way, we hope to make a contribution to responding to the challenges of the Anthropocene."

Carsten Herrmann-Pillath and Christian Hederer
A New Principles of Economics. The Science of Markets
London: Routledge, 2023
ISBN (print edition): 9780367557195 ISBN
(e-book): 9781003094869
512 pages
£49.99 (print edition paperback)