What is Economics?
Economics is the study of human energy—how we organize our efforts to get what we want. Market exchange plays a central role in this process, but processes of conflict and coordination that take place outside of markets are also important.
Summer Updates from the Economics Department
Vicarelli Addresses White House Policy Office
Marta Vicarelli, economics and public policy, recently briefed the White House Office of Science and Technology Policy on new research she led demonstrating that nature-based solutions are economically effective methods for mitigating natural disaster risk. Read more....
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Hasina’s ouster: Lessons from Bangladesh uprising
Jayati Ghosh, writes about lessons from the insurrection in Bangladesh. “The sad irony is that [ousted Bangladeshi Prime Minister Sheikh Hasina] – the daughter of Bangladesh’s first president, Sheikh Mujibur Rahman – was once a student leader and pro-democracy activist opposing a military regime. Read more....
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Disaster Capitalism Revisited
Isabella Weber, writes In an Open Society Ideas Letter, "If we are serious about resilience, the profit motive of individual companies needs to be aligned with the goal of resilience" in order to address global crises. Read more....
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Understanding Capitalism
A new book from Richard D. Wolff, Professor Emeritus, explores definitions of capitalism, offers tools to engage basic economic and social issues, and describes alternative systems. Read more....
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Lee Badgett named to Melinda French Gates $1B Commitment to Advance Women’s Power Globally
Melinda French Gates announced that as the first step in the next chapter of her philanthropy she is committing an additional $1 billion through 2026 to advance women’s power globally. This new commitment includes Lee Badgett. Read more....
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Statement on Racist Violence and Social Exclusion
Black Lives Matter. We declare and affirm this truth in the face of any verbal or material attempt to deny it. The current tragedies and structures of violence, exclusion and exploitation of Black people were made by human actors. They date back to colonial times and slavery but persist to today. Teaching and research in the economics profession have often served to legitimize such structures portraying them as the outcome of the free and fair play of the market. The UMass Economics Department has a long tradition of research dedicated to uncovering structures of oppression, exploitation, exclusion and violence. This tradition must be rethought and adapted to place racial injustice at the center, as a dimension that should not be overlooked.