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Posts are by authors of papers published in the RWER. Anyone may comment.
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14 декабря, 15:32

Hickel response on degrowth

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from Dean Baker [This is the last piece in an exchange with Jason Hickel on growth.My last piece is here.] Baker says “I am at a loss to understand why we would have a war on growth.”  I don’t know why he is at a loss.  I explained the reasons for this in my previous post.  […]

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14 декабря, 03:27

Dollarization in the United States

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from David Ruccio The United States is increasingly becoming dollarized. That’s because, for decades now, those at the bottom have been left behind, forced to attempt to get by in ever more precarious conditions.  If you asked mainstream economists what dollarization means, they would immediately define it as a country officially adopting the currency of another for […]

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13 декабря, 18:22

Your model is internally consistent? So what!

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from Lars Syll ‘New Keynesian’ macroeconomist Simon Wren-Lewis has a post on his blog discussing how evidence is treated in modern macroeconomics (emphasis added): The unique property that DSGE models have is internal consistency. Take a DSGE model, and alter a few equations so that they fit the data much better, and you have what could be called […]

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13 декабря, 03:33

Trade: It’s still about class, not country

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from Dean Baker While Donald Trump keeps taking wild shots in his trade wars with China and other countries, the media have been cheering him on in at least one aspect of his campaign. All the elite types agree that “we” have an interest in clamping down on China’s alleged theft of our intellectual property. […]

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12 декабря, 17:56

issue no. 86 of the real-world economics review

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real-world economics review issue no. 86 download whole issue Who is behind the campaign to rid the world of cash? Norbert Haering      download 2 The trouble with human capital theory Blair Fix       download 15 A progressive trade policy Dean Baker      download 33 The transformational role of the Great Recession Constantine E. Passaris  […]

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12 декабря, 00:47

Demise of the Dollar?

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from Asad Zaman SADLY, it is true that ‘money makes the world go round’. But, it is also true that very few people understand how. This article is an attempt at explaining the basics of our global trading system. A good starting point is the Bretton-Woods conference which took place in 1944, while the Second […]

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10 декабря, 03:08

‘Controlling for’ — a methodological urban legend

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from Lars Syll Trying to reduce the risk of having established only ‘spurious relations’ when dealing with observational data, statisticians and econometricians standardly add control variables. The hope is that one thereby will be able to make more reliable causal inferences. But — as Keynes showed already back in the 1930s when criticizing statistical-econometric applications […]

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09 декабря, 22:31

Will degrowthing save the planet?

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from Dean Baker [This is the third piece in an exchange with Jason Hickel on growth. Hickel’s response will be the last piece in the series.] Jason Hickel responded to my earlier piece on degrowth arguing that in fact economic growth is inconsistent with a sustainable environment and that we have to get people to reject growth as an […]

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08 декабря, 03:09

DSGE — models built on shaky ground

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from Lars Syll In most aspects of their lives humans must plan forwards. They take decisions today that affect their future in complex interactions with the decisions of others. When taking such decisions, the available information is only ever a subset of the universe of past and present information, as no individual or group of […]

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07 декабря, 21:07

Stability without growth: Keynes in an age of climate breakdown

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from Dean Baker [This post is by Jason Hickel. He is responding to a post I did on the possibility of having growth in a sustainable economy. I will post a rejoinder later in the week. Jason will then get the last word in this exchange.] What do Keynesian Democrats think about the movement for post-growth and […]

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07 декабря, 13:50

A little knowledge

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from Peter Radford A little knowledge goes a long way.  That’s the saying, correct?  Well you’d never know it by looking at economics.  It’s hard to find knowledge anywhere. Now I’m not being facetious about the gaps in economic theory.  Let’s all give the discipline its due and say that it has done a masterful […]

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07 декабря, 03:27

Micro-Meso-Macro: Redressing Micro-Macro Syntheses

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from Stuart Holland and Andrew Black and the current issue of Economic Thought When Janet Yellen questioned in her address to the Boston Fed in 2016 why there had been a lack of rethinking in economic theory since the financial crisis, she cited a host of macroeconomic analyses yet did not even refer to ‘too big to fail’. […]