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Posts are by authors of papers published in the RWER. Anyone may comment.
24 марта, 14:36

The man who crushed the mathematical dream

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from Lars Syll Gödel’s incompleteness theorems raise important questions about the foundations of mathematics. The most important concerns the question of how to select the specific systems of axioms that mathematics are supposed to be founded on. Gödel’s theorems irrevocably show that no matter what system is chosen, there will always have to be other […]

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24 марта, 13:43

Graphs of the day: vacancies and wages.

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  Via Eurostat (look here and here) information about the labour market: vacancy rates and wages. Vacancies are up, wages are rising at a very moderate rate (and in many countries, like Spain, not at all). These are wage costs and not wages, but at this moment the difference is small, notice that wages increase […]

24 марта, 01:51

The capital-mobilising deal maker

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from Jamie Morgan and RWER no. 78 As a brand, Trump is also a particular kind of contemporary businessman. He positions himself as a maker of “deals” rather than a maker of things, though his wealth is rooted in construction and property. He is an owner of portfolio assets, who uses these to leverage new ventures […]

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23 марта, 21:27

The fall of the US middle class

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from Steven Pressman and RWER no. 78 According to Thomas Piketty (2014), between 1980 and 2010 the share of total US income going to the top 10% of earners rose from around 30-35%, where it stood for several decades, to nearly 50%. These are very conservative estimates. Piketty’s figures come from the distribution of adjusted […]

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22 марта, 18:57

Trumponomics: causes and consequences – Part I – RWER issue no. 78

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download whole issue Preface          download pdf Trumponomics: everything to fear including fear itself?          3 Jamie Morgan          download pdf                                                    […]

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22 марта, 12:56

We’re #1!

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from David Ruccio According to calculations by Kenneth Thomas (based on data in the latest Credit Suisse Global Wealth Report), the United States has the most unequal distribution of wealth of any rich nation.   And it’s not even close! Thomas calculates the ratio of mean to median wealth for each country (the last column […]

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21 марта, 23:29

To be a good economist one cannot only be an economist

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from Lars Syll The master-economist must possess a rare combination of gifts …. He must be mathematician, historian, statesman, philosopher—in some degree. He must understand symbols and speak in words. He must contemplate the particular, in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the […]

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21 марта, 15:02

Graph of the day 3. Turkish and Kurdish fertility

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I made this graph (in fact: map) because of remarks by Erdogan, the Turkish president, that Turkish women in Europe should get more children: 5 instead of 3: wasn’t the birth rate (total fertility rate) in Turkey already way below 3? Thanks to a recent press release of Turkstat I discovered that, surprisingly (at least to me), the […]

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21 марта, 14:25

Dual economies and the vanishing middle-class

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from David Ruccio Both Peter Temin and I are concerned about the vanishing middle-class and the desperate plight of most American workers. We even use similar statistics, such as the growing gap between productivity and workers’ wages and the share of income captured by the top 1 percent.   And, as it turns out, both of […]

20 марта, 20:52

Why Krugman and Stiglitz are no real alternatives to mainstream economics

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from Lars Syll Little in the discipline has changed in the wake of the crisis. Mirowski thinks that this is at least in part a result of the impotence of the loyal opposition — those economists such as Joseph Stiglitz or Paul Krugman who attempt to oppose the more viciously neoliberal articulations of economic theory […]

20 марта, 12:07

Graph of the day 2. How to understand bilateral trade balances.

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  Today: 2 graphs. And do I really have to write this blog? Yes, I have. At this moment the USA government seems to target bilateral trade balances: these should be more or less balanced. To quote a Trumptweet (January 27, 2017): “The U.S. has a 60 billion dollar trade deficit with Mexico. It has […]

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20 марта, 00:34

Some graphs 1. German unemployment

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The coming days I will post some graphs. The first I made to answer the question if East German unemployment was finally coming down.  East Germany has experienced sky-high unemployment for decades despite massive transfers and despite a wage level which is supposed to be 25% lower than in West Germany. But at this moment, East German […]