The political economy approach highlights the role of effective demand, institutions and social conflict in economics. We believe incorporating these concepts into scientific analysis enables a better understanding of current day economies, compared to the narrow framework of neoclassical mainstream approach within the boundaries of rational agents, optimization and self-equilibrating markets. Economic processes are embedded in social relations that can only be successfully analysed in the context of historical considerations, power relations and social norms. As a consequence, a broad range of methodological approaches is employed, and cooperation with other disciplines, including history, sociology and other social sciences, is necessary. We thus advocate a pluralist approach to economics and have particular expertise in Post-Keynesian and Marxist theories, but are open to other critical - heterodox - approaches. Research areas and projects include economic crisis and financial instability, income inequality, financialisation, wage-led growth and alternatives to capitalism.
The aim of PERG is to further research in the area of Political Economy at Kingston University by bringing together active researchers in the field. More information about the members can be found here. We organise academic workshops, round tables and provide resources for interested students such as a summer school on Political Economy and an overview of relevant academic journals, associations and newsletters in the heterodox/political economy tradition. Beside of that, PERG has also been instrumental in developing the Kingston MA cluster in Political Economy.