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29 мая, 16:50

Modern economics — pseudo-science based on FWUTV

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from Lars Syll The use of FWUTV — facts with unknown truth values — is, as Paul Romeer noticed in last year’s perhaps most interesting insider critique of mainstream economics, all to often used in macroeconomic modelling. But there are other parts of ‘modern’ economics than New Classical RBC economics that also have succumbed to […]

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29 мая, 14:32

The 10 most viewed RWER Blog posts in 2016

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Poll Results: Top 10 economics books of the last 100 years Summary of the Great Transformation by Polanyi      Asad Zaman Reflections on the “Inside Job”      Peter Radford The tiny little problem with Chicago economics      Lars Syll Money and the myth of barter     David Ruccio What is Post Keynesian Economics?     Lars Syll The seven countries most […]

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25 мая, 17:51

Neoliberalism — an oversold ideology

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from Lars Syll So what’s wrong with the economy? … A 2002 study of United States fiscal policy by the economists Olivier Blanchard and Roberto Perotti found that ‘both increases in taxes and increases in government spending have a strong negative effect on private investment spending.’ They noted that this finding is ‘difficult to reconcile […]

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24 мая, 19:20

Making corporate taxes great again

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from David Ruccio I continue to maintain that Congressional Republicans will stick with President Donald Trump until they get their favorite policies enacted—or until Trump’s missteps and declining popularity stand in the way of their getting what they want. And one of the things they want is tax reform—specifically, a cut in corporate taxes. Here’s […]

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23 мая, 14:22

Econometrics? Keep it very simple.

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Readers of this blog might have noticed that I prefer to detrend time series using a moving average – and not the advanced and routinely and widely used Hodrick-Prescott filter. Part of this was lazyness. But I also do not like the HP filter: what is it? Why does it wag its tails so much? […]

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23 мая, 13:41

The Mathesis Universalis and Neoclassical Economics

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from Maria Alejandra Madi As Edward Fullbrook highlights in his recent book Narrative Fixation in Economics, the Cartesian view of human reality has deeply shaped the way Neoclassical Economics theorizes about the economic and social existence (2016, p. 45). Indeed, while emphasizing the relevance of the pure thought of a disembedded human subject,  Neoclassical Economics has […]

23 мая, 02:06

Baumol’s disease? George Will’s misdiagnosis of U.S. health care costs

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from Dean Baker In his Washington Post column today George Will told readers that the problem of rising costs in the U.S. health care system is simply a case of Baumol’s disease. This refers to the problem identified by economist William Baumol (who recently died), that productivity in the service sector tends to rise less […]

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22 мая, 14:39

The laws of mathematics and economics

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from Lars Syll Some commentators on this blog — and elsewhere — seem to have problems with yours truly’s critique of the overly debonair attitude with which mathematics is applied to economics. In case you think the critique is some odd outcome of heterodox idiosyncrasy, well, maybe you should think twice …

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21 мая, 19:49

The human development revolution

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from Asad Zaman Goethe starts his famous East-West Divan with a poem about the journey (Hegire), both physical and spiritual, from the West to the East. In this essay, we consider the analogous journey from Western to Eastern conceptions of development. This involves switching from viewing humans as producers of wealth, to viewing wealth as a producer […]

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20 мая, 17:52

Mainstream economics — an emperor turned out to be naked

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from Lars Syll The main reason why the teaching of microeconomics (or of “ micro foundations” of macroeconomics) has been called “autistic” is because it is increasingly impossible to discuss real-world economic questions with microeconomists – and with almost all neoclassical theorists. They are trapped in their system, and don’t in fact care about the […]

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20 мая, 13:56

Risk vs. arrogance

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from David Ruccio Most of us are pretty cautious when it comes to spending our money. The amount of money we have is pretty small—and the global economic, financial, and political landscape is pretty shaky right now. And even if we’re not cautious, if we’re not prudent savers, then no harm done. Spending everything we […]

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19 мая, 20:12

A tax on Wall Street trading is the best solution to income inequality

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from Dean Baker In the years since the 2008 economic crisis, financial transactions taxes (FTTs) have gone from a fringe idea to a policy that is in mainstream policy debates. They are seen as a way to both raise large amounts of money and to slow the pace of churning in financial markets. For this […]