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Posts are by authors of papers published in the RWER. Anyone may comment.
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22 июня, 18:22

Brexit, don’t forget how we got here

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from Jamie Morgan Understanding Brexit requires us to consider the political economy of tax justice and the abuse of wealth protection. At a time when a general election has dominated the press for the last two months and Brexit has been a shadow of anxiety – a most remarkable event that the political parties have […]

22 июня, 14:28

What do unions do?

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from David Ruccio When I ask my students that question, they don’t really have an answer. That’s because, like much of the rest of the U.S. population, they don’t have much experience with unions, either directly or indirectly—not when the union membership rate has fallen to below 11 percent nationwide and is only 6.4 percent […]

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22 июня, 00:56

Do you want to get a Nobel prize? Eat chocolate and move to Chicago!

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from Lars Syll Source As we’ve noticed, again and again, correlation is not the same as causation … If you want to get the prize in economics — and want to be on the sure side — yours truly would suggest you complement  your intake of chocolate with a move to Chicago. Out of the […]

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21 июня, 13:32

Bread and roses

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from David Ruccio Mainstream economists and politicians have answers for everything. Lose your job? Well, that’s just globalization and technology at work. Not much that can be done about that. And if you still want a job? Then just move to where the jobs are—and make sure your children go to college in order to […]

20 июня, 01:41

Links. High powered money in Greece, ECB transparancy reveales raw power, 50 years ago the Bundesbank combatted trade surpluses

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High powered money in Greece. The EU is re-financing 8,5 billion of Greek debt. About 7 billion of this is just trading in one kind of government bonds for another kind of government bonds. Much ado about less than nothing. There is some welcome softening of the terms – but not enough. However: About 1,6 […]

19 июня, 22:34

The Republican thieves who stole health care

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from Dean Baker In their desperation to provide $600 billion in tax cuts to their rich campaign contributors, the Republicans have decided to abandon all the standard rules by which Congress has governed itself. The actions might seem extraordinary, but we know how desperately the richest people in the country need tax cuts, so who […]

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19 июня, 13:20

Leontief on the dismal state of economics

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from Lars Syll Much of current academic teaching and research has been criticized for its lack of relevance, that is, of immediate practical impact … I submit that the consistently indifferent performance in practical applications is in fact a symptom of a fundamental imbalance in the present state of our discipline. The weak and all […]

17 июня, 13:30

Ed Leamer and the pitfalls of econometrics

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from Lars Syll Ed Leamer’s Tantalus on the Road to Asymptopia is one of my favourite critiques of econometrics, and for the benefit of those who are not versed in the econometric jargong, this handy summary gives the gist of it in plain English: Most work in econometrics and regression analysis is — still — made […]

16 июня, 16:45

American myth

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from David Ruccio One of the most pernicious myths in the United States is that higher education successfully levels the playing field across students with different backgrounds and therefore reduces wealth inequality. The reality is quite different—for the population as a whole and, especially, for racial and ethnic minorities.  As is clear from the chart […]

15 июня, 20:34

Trumponomics: Causes and Consequences

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paperback now available from the Amazon pages listed below 508 pages Here are links to the book’s pages on the various Amazons United States $28, Brazil, Canada, France, Germany, India, Italy, Japan, Mexico, Spain, United Kingdom

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15 июня, 02:04

The counterintuitive problem

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from Edward Fullbrook Scientific education entails taming the authority of one’s intuition.  Responsible citizenship in a democracy may entail it as well. Keynes argued that markets often create inaccurate expectations of economic reality which people then act upon thereby changing reality.   This reflexivity that Keynes identified as central to capitalist markets is the opposite of […]

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14 июня, 02:05

Solow being uncomfortable with ‘modern’ macroeconomics

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from Lars Syll So in what sense is this “dynamic stochastic general equilibrium” model firmly grounded in the principles of economic theory? I do not want to be misunderstood. Friends have reminded me that much of the effort of “modern macro” goes into the incorporation of important deviations from the Panglossian assumptions that underlie the […]