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Posts are by authors of papers published in the RWER. Anyone may comment.
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20 мая, 19:10

Schumpeter — an early champion of MMT

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from Lars Syll Evidently this phenomenon is peculiar to money and has no analogue in the world of commodities. No claim to sheep increases the number of sheep. But a deposit, though legally only a claim to legal-tender money, serves within very wide limits the same purposes that this money itself would serve. Banks do […]

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19 мая, 21:17

The return of a Housing Bubble – (4 graphs)

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from C. P. Chandrasekhar and Jayati Ghosh Even while optimistic assessments of growth trends in the global economy proliferate, concerns that the unwinding of inflated asset price markets could abort the recovery are being expressed. Interestingly, there appears to be a substantial degree of agreement on the cause for such uncertainty, which is an excessive dependence […]

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19 мая, 02:05

Utopia and markets

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from David Ruccio Maarten Vanden Eynde, The Invisible Hand (2015)* We hear it all the time. On a regular basis. Having to do with pretty much everything. Why is the price of gasoline so high? Mainstream economists respond, “it’s the market.” Or if you think you deserve a pay raise, the answer again is, “go get another […]

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18 мая, 10:17

A short note on the production boundary of neoclassical macro models

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The neoclassical macro ‘DSGE’ models do not seem to have a rigorous model consistent ‘production boundary’. A ‘prior’ in macro economics is the production boundary: what are we talking about? Famously, Adam Smith more or less excluded services – or at least services from personal servants. While the present national accounts  basically include everything which […]

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18 мая, 02:28

Income inequality 1970 – 2015: USA and France compared

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  Source: https://blog.raulza.me/wealth-and-income-inequality-data/  

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17 мая, 02:03

Oh dear, oh dear, Krugman gets it so wrong, so wrong

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from Lars Syll Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time. […]

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15 мая, 15:12

Capitalism doesn’t provide decent-paying jobs

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from David Ruccio The usual suspects have attacked Bernie Sanders’s proposal for the federal government to guarantee a job paying $15 an hour and health-care benefits to every American worker “who wants or needs one.”  According to Robert J. Samuelson, “The proposal would add to already swollen federal budget deficits. . .Then there’s inflation. The extra spending and higher wages […]

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15 мая, 02:03

The return of the oil threat

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from C. P. Chandrasekhar On the morning of April 24, the price of Brent crude, the global benchmark for oil prices, rose above $75 a barrel, touching its highest level since 2014 and signalling the return of an era of high oil prices. That is a $30 per barrel or 66 per cent rise from the […]

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14 мая, 02:39

Busting the NAIRU myth

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from Lars Syll Even as it became conventional wisdom, the supposed relationship between unemployment and increasing or decreasing rates of inflation was breaking down — notably in the 1990s. Unemployment got below 4 percent in 2000 without inflation taking off. Since the onset of Great Recession, the gap between theory and reality has only grown […]

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13 мая, 17:18

Krugman on Drugs

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from Dean Baker I was glad to see Paul’s short post explaining some of the economics of the U.S. government negotiating drug prices with the drug companies; the route Donald Trump rejected. I thought I would add a few more points. First, the monopoly profits earned by the drug companies provide a powerful incentive for […]

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12 мая, 19:05

Utopia and economic development

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from David Ruccio From the very beginning, the area of mainstream economics devoted to Third World development has been imbued with a utopian impulse. The basic idea has been that traditional societies need to be transformed in order to pass through the various stages of growth and, if successful, they will eventually climb the ladder […]

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12 мая, 02:08

On the vital importance of understanding international financial architecture

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from Asad Zaman Part 1: Power/Knowledge – How Macro Theory is shaped by the Powerful Why Understand Macro? If we understood macroeconomics, we would be able to understand the reasons for the major economic events currently going on all around us. For instance, increasing inequality, effects of austerity, Brexit, inequities of post-Bretton Woods dollar based […]