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Posts are by authors of papers published in the RWER. Anyone may comment.
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18 января, 20:27

The Volatility Index and Heisenberg’s uncertainty principle

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from Donald MacKenzie and the London Review of Books The VIX, or Volatility Index, is Wall Street’s fear gauge. I first started paying attention to it in the late 1990s. Back then, a level of around 20 seemed normal. If the index got to 30, that was an indication of serious market unease; over 40 […]

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18 января, 03:52

Neoclassical economics is great — if it wasn’t for all the caveats!

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from Lars Syll I think that modern neoclassical economics is in fine shape as long as it is understood as the ideological and substantive legitimating doctrine of the political theory of possessive individualism. As long as we have relatively-self-interested liberal individuals who have relatively-strong beliefs that things are theirs, the competitive market in equilibrium is […]

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17 января, 17:10

What Martin Sandbu gets wrong about neoclassical macro-economics

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Martin Sandbu is, in the Financial Times, wrong about neoclassical macroeconomic models. Let me explain by responding to his text, paragraph by paragraph. No links, I might add these later. What do macroeconomists actually do? Without an answer to that question, it is difficult to articulate what they might be doing wrong. The rebuilding macroeconomic theory […]

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17 января, 03:16

What’s the matter with America?

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from David Ruccio Last week, Thomas Frank welcomed Paul Krugman to the ranks of those who believe that the American working-class in recent decades has often voted against its fundamental economic interests by supporting conservative Republicans.   Appropriately enough, Frank then chastises Krugman for having repeatedly used his New York Times column to argue exactly the opposite, denying the idea […]

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15 января, 23:40

Simon Wren-Lewis — anti-pluralist mainstream flimflam defender

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from Lars Syll Again and again, Oxford professor Simon Wren-Lewis rides out to defend orthodox macroeconomic theory against attacks from heterodox critics. In his latest attack on heterodox economics and students demanding pluralist economics education he writes: The danger in encouraging plurality is that you make it much easier for politicians to select the advice they […]

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15 января, 18:54

Former AIG director Martin Feldstein warns of stock and housing bubbles

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from Dean Baker That’s one of the things we learn from reading Robert Samuelson’s Washington Post columntoday, although Samuelson identifies Feldstein only by his professorship at Harvard, not his moonlighting work on AIG’s board. (In addition to requiring a massive government bailout during Feldstein’s tenure as a director, AIG was also rocked by an accounting scandal that forced […]

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15 января, 03:10

Prosperity as human development, not wealth

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from Asad Zaman The main thesis of our lecture is that our quest for prosperity has failed to deliver the sought-after goals because we have misunderstood the meaning of prosperity , and looked for it where it cannot be found. We base our economic policies on modern economic theory, which is based on the amazing assumption that human beings act to […]

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14 января, 16:49

Trump trashes the United States while Xi tries to build a “sustainable China”

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from Richard Smith and issue 82 of the RWER As Trump walked away from the Paris climate accord, Xi announced his intention to “take the driver’s seat in international cooperation to respond to climate change”. Not only that but Xi’s government has also pledged to wipe out the last vestiges of poverty in China by […]

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13 января, 03:49

Dani Rodrik’s Ten Commandments

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from Lars Syll Dani Rodrik is not satisfied with the critique of mainstream economics put forward by yours truly and other mostly non-orthodox economists. So he has put up a list of ten commandments for economists, hoping thereby to somehow ‘save’ mainstream ‘the model is the message’ economics from the critique. The two central commandments are […]

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12 января, 18:47

On the real-world irrelevance of game theory

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from Lars Syll It has been argued that some ascription of rationality plays a crucial role in particular in game theoretic modeling from a participant’s point of view. However, ascribing some kind of ideal reasoning process symmetrically to all players in the game, it becomes very unclear whether we as analysts can truly adopt a […]

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12 января, 03:34

The elephant in the world

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from David Ruccio One of the most important stories I read, but did not write about, while I was away was the launch of the World Inequality Report 2018.* The authors of the report confirm what Branko Milanovic and others had previously discovered: that a representation of the unequal gains in world economic growth in recent decades […]

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11 января, 18:47

Disruptive technologies and sustaintech investments

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from Mari Alejandra Madi On a global level, to achieve the 2˚C agreed upon during the Paris Agreement, a decrease in emissions of 40-70 percent (relative to 2010) should be obtained by 2050. According to Bloomberg New Energy Finance, 2017 global green investments exceeded 2016´s total of $287.5 billion. With strong government policy support, China […]