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Posts are by authors of papers published in the RWER. Anyone may comment.
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23 апреля, 13:46

Nailed to its perch

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from PeterRadford I always use some famous Chicago School economist as my representative fool when I am describing mainstream economics to my uninitiated friends. How does one, after all, defend such a ludicrous body of thought? By reference to Monty Python? Here is Gary Becker explaining why mainstream theory is so ridiculous: “The combined assumptions of maximizing behavior, […]

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23 апреля, 02:10

Income and wealth—the top and the very top

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from David Ruccio Skellington is right: in my post on Tuesday, I did not separate out people at the very top from the rest of those at the top. That’s because, in the data I presented, those in the top 0.1 percent were included in the top 1 percent. Unfortunately, I don’t have the same kind of breakdown […]

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22 апреля, 02:27

Is having infinitely many models really a sign of progress in economics?

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from Lars Syll In Dani Rodrik’s Economics Rules it is argud that ‘the multiplicity of models is economics’ strength,’ and that a science that has a different model for everything is non-problematic, since economic models are cases that come with explicit user’s guides — teaching notes on how to apply them. That’s because they are […]

21 апреля, 13:22

The top and the very top

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from David Ruccio Who’s running away with the surplus, those at the top or those at the very top?   In a new study on “income inequality in the 21st century,” Fatih Guvenen and Greg Kaplan note that recent increases in inequality in the United States need to be understood in terms of trends of and, especially, within […]

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21 апреля, 02:24

Could a leftist bring growth back to France?

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from Mark Weisbrot If the first round of the French presidential election on Sunday is now too close to call, that’s partly because of Jean-Luc Mélenchon’s last-minute surge in the polls. The media describe him as a populist from the far Left, and as he has risen, attacks on him have intensified. One common criticism […]

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20 апреля, 21:21

Trumponomics: Neocon neoliberalism camouflaged with anti-globalization circus

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from Thomas Palley A key element of Trump’s political success has been his masquerade of being pro-worker, which includes posturing as anti-globalization. However, his true economic interest is the exact opposite. That creates conflict between Trump’s political and economic interests. Understanding the calculus of that conflict is critical for understanding and predicting Trump’s economic policy, […]

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20 апреля, 16:13

Learning to think like an economist

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from Lars Syll It takes some courage, maturity, and perception for the self-discovery that one is engaged in a fraudulent enterprise … Our teachers never talked about ideologies or the larger issues, and seemed content with discussing arcane mathematics — DELIBERATE deception involves knowing the truth and then using lies to hide it.This does not […]

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20 апреля, 02:17

Notes on the firm

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from Peter Radford When, for reasons too byzantine to recount here, I decided to re-engage with economics a couple of decades ago I did so through the prism of business. After all I had just finished a stint in banking and was thinking about the way in which the rise of digital technology would change […]

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19 апреля, 18:44

Trumponomics and social prosperity

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from Robert Locke The management principles Trump evokes in Think Big and Kick Ass are those for self-enrichment reminiscent of robber barons during the Gilded Age. In his election campaign Trump promised to use his knowhow to restore prosperity to the dispossessed white middle class in rust belt communities. Will his management principles, if they […]

19 апреля, 02:34

Left behind

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from David Ruccio Liberal stories about who’s been left behind during the Second Great Depression are just about as convincing as the “breathtakingly clunky” 2014 movie starring Nicolas Cage. For Thomas B. Edsall, the story is all about the people in the “rural, less populated regions of the country” who have been left behind in the “accelerated shift […]

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18 апреля, 22:34

Mainstream ‘pluralism’

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from Lars Syll The only economic analysis that mainstream economists accept is the one that takes place within the analytic-formalistic modeling strategy that makes up the core of mainstream economics. All models and theories that do not live up to the precepts of the mainstream methodological canon are pruned. You’re free to take your models […]

18 апреля, 18:16

Why a global disaster that could easily have been prevented took place.

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from Edward Fullbrook Steve Keen has a new book out: Can we avoid another financial crisis?  Keen, as you probably know, was one of those economists – Nouriel Roubini, Dean Baker, Ann Pettifor, Michael Hudson, Wynne Godley and others – who warned well in advance that the Global Financial Crash was coming if preventive measures […]