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Posts are by authors of papers published in the RWER. Anyone may comment.
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19 ноября, 19:13

Doomed to repeat?

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from Peter Radford One of the great pleasures of living here in southern Vermont is that we have a terrific local bookshop. I go there simply to absorb that book shop vibe unattainable in the bits and bytes of Amazon. And like all good bookshops this one throws up surprises. About three weeks ago I […]

18 ноября, 16:23

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 […]

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17 ноября, 18:59

Not with a bang but with a (prolonged) whimper

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from Jayati Ghosh It is probably obvious to everyone that global capitalism is in dire straits, notwithstanding the brave talking up of output recovery that now characterises almost every meeting of the international governing elite. Even so, discussions of the end of capitalism still typically seem overstated and futile, not least because those hoping and mobilising […]

17 ноября, 09:57

Desperately seeking a link between wages and productivity

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from David Ruccio Everyone, it seems, now agrees that there’s a fundamental problem concerning wages and productivity in the United States: since the 1970s, productivity growth has far outpaced the growth in workers’ wages.* Even Larry Summers—who, along with his coauthor Anna Stansbury, presented an analysis of the relationship between pay and productivity last Thursday at […]

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17 ноября, 00:00

Completing the Circle: From GD ’29 to GFC ’07

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from Asad Zaman Karl Marx said that “The advance of capitalist production develops a working class which by education, tradition and habit looks upon the requirements of that mode of production as self-evident natural laws.” Modern economic theory is a tool of central importance in making the laborers and the poor accept their own exploitation […]

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16 ноября, 09:26

Taxes: 1970’s Redux?

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from Peter Radford Taxes. What a problem. I was going to start by saying something about our current national debate about taxes, but that would have been an untruth. We are not having a debate. Instead we are all sitting on the sidelines whilst the Republican Party desperately tries to cobble together a tax plan […]

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15 ноября, 23:34

Where has all the surplus gone?

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from David Ruccio Thanks to the release of the so-called Paradise Papers, and the additional research conducted by Gabriel Zucman, Thomas Tørsløv, and Ludvig Wier, we know that a large share of the surplus captured by corporations is artificially shifted to tax havens all over the world. This, of course, is on top of the conspicuous tax […]

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15 ноября, 03:17

The atomic hypothesis and the limits of econometrics

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from Lars Syll Our admiration for technical virtuosity should never blind us to the fact that we have to have a cautious attitude towards probabilistic inferences in economic contexts. Science should help us disclose causal forces behind apparent ‘facts.’ We should look out for causal relations, but econometrics can never be more than a starting […]

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14 ноября, 03:35

Neoclassical economics usually reads its models backwards.

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from Edward Fullbrook In public, including in the training of economists, Neoclassical economics usually reads its models backwards. This gives the illusion that they show the behaviour of individual economic units determining sets of equilibrium values for markets and for whole economies. It hides the fact that these models have been constructed not by investigating […]

13 ноября, 22:10

Keynes was right about Quantitative Easing (QE)

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Did the growth of money caused by QE in the Eurozone (graph) stimulate economic activity? Not enough. According to John Maynard Keynes, in ‘The general theory’ (1936), “The relation of changes in M (money) to Y (income) and r (the interest rate) depends, in the first instance, on the way in which changes in M […]

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12 ноября, 21:06

Conspicuous tax evasion

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from David Ruccio The release of the so-called Paradise Papers confirms, with additional names and more salacious details, what we already knew from the Panama Papers and other sources: the world’s wealthy increasingly use offshore tax havens to engage in conspicuous tax evasion. That’s on top of their participation in conspicuous consumption, conspicuous philanthropy, and conspicuous productivity. According […]

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11 ноября, 21:38

The ‘tiny little problem’ with Chicago economics

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from Lars Syll Every dollar of increased government spending must correspond to one less dollar of private spending. Jobs created by stimulus spending are offset by jobs lost from the decline in private spending. We can build roads instead of factories, but fiscal stimulus can’t help us to build more of both. This form of […]