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y dinámica social Jorge Buzaglo Statistical Foundations for
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Economics Review current issue - 10 December 2016 Human growth and avoiding European disintegration:
lessons from Polanyi 2 Jorge Buzaglo
Uncertainty about uncertainty: the futility of
benefit-cost analysis for climate change policy 11 Mariano Torras
Growthism: A Cold War leftover 26 Herman Daly Finance capital and the nature of capitalism in India
today 30 C.P. Chandrasekhar Competitiveness and its leverage in a currency union:
how Germany gains from the euro 40 Thanos Skouras Rethinking rationality theory's
epistemological status: normative vs. positive approach 50 Gustavo Marques and Diego
Weisman Time and the analysis of economic decision making 64 Donald Katzner The mathematical equivalence of Marshallian analysis
and 'General Equilibrium' theory 73 Philip George The problem with production theory 85 Bernard C. Beaudreau Trade surpluses of countries trading with the United
States 102 John B. Benedetto A CasP model of the stock
market 118 Shimshon Bichler
and Jonathan Nitzan A New 'General
Theory'? A review of Capitalism by Anwar Shaikh 155 Bernard Guerrien Board of Editors, past
contributors, submissions and etc. 168 Issue no. 76 - 30 September 2016 download
the whole issue Negative interest rates or 100%
reserves: alchemy vs chemistry Herman Daly download
pdf Why negative interest rate
policy (NIRP) is ineffective and dangerous Thomas I. Palley download
pdf Japan's
liquidity trap Tanweer Akram download
pdf Paul Romer's assault
on 'post-real'
macroeconomics Lars Palsson Syll download
pdf Another reason why a steady-state
economy will not be a capitalist economy Ted Trainer download
pdf Using regression analysis to
predict countries' economic growth: illusion and fact in education
policy Nelly P. Stromquist download
pdf Can a country really go broke? Deconstructing Saudi Arabia's macroeconomic crisis Sashi Sivramkrishna
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pdf Reconsideration of the Prebisch-Singer Hypothesis Ewa Anna Witkowska download
pdf Industrial policy in the 21st
century: merits, demerits and how can we make it work Mohammad Muaz Jalil download
pdf Review Essays Review of James Galbraith, Welcome to the Poisoned Chalice Michael Hudson download
pdf A travesty of financial history -
which bank lobbyists will applaud Michael Hudson download
pdf Discussion Capitalism, corporations and
ecological crisis: a dialogue concerning Green
Capitalism Richard Smith, William Neil and Ken Zimmerman download
pdf Board of Editors, past contributors, submissions and etc. Issue no. 75
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27 June 2016 The other half of macroeconomics and the three stages of economic
development 2 Polanyi and the coming US president
election 49 The political economy of the Paris Agreement on human induced climate
change 67 Zucman on tax evasion and the U.S. trade
deficit 76 The resource curse mirage
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pdf
92 Economics as practical wisdom
113 Everyday futures: Financial market stability in the performative social
present 126 Review Essays Is the CORE eBook a possible solution to our
problems?
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pdf
135 Rethinking Piketty: Critique of the critiques
143 Note A note on the aggregated production function and the accounting identity
152 Opinion Don’t ask economists, just listen to Sargent and ask the
people 156 Poll Results 2016: Top 10 economics books of
the last 100 years
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pdf
159 Board of Editors, past contributors, submissions and etc.
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161 Issue no. 74
-
7 April 2016 Inequality, the financial crisis and stagnation
1 Deductivism - the fundamental flaw
of mainstream economics 22 Lars Palsson Syll
download pdf Heterodox economics or political economy?
40 Frank Stilwell
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pdf History as a source of economic policy
49 Robert R. Locke
download pdf The natural capital metaphor and economic theory
64 Alejandro Nadal
download pdf Inferences from regression analysis: are they valid?
85 Steven Klees
download pdf Escaping the Polanyi matrix
98 Gary Flomenhoft
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pdf The petition against the Smoot-Hawley Tariff Bill: What 1,028 economists
overlooked 124 Bernard C. Beaudreau
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pdf Review Essay When the model becomes the message
- a critique of Rodrik 139 Lars Palsson Syll
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contributors, sumbissions and etc.
156 Issue no. 73
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11 December 2015 What does `too much
government debt` mean in a stock-flow consistent model?
2 David R Richardson
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pdf Divine belief in
Economics at the beginning of the 21st century
16 Emil Urhammer
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pdf The double discipline of neoclassical economics
27 Michel Gueldry
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pdf Two worlds of minimum wage and a new research agenda
58 Ruya Gokhan Kocer
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pdf The IMF and Troika's Greek
bailout programs: an East Asian view
76 Hee-Young Shin
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pdf Globalisation and sticky prices: `Con` or
conundrum? 92 Kevin Albertson, John Simister and Tony Syme
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pdf Review Essays Putting an end to the aggregate function of
production... forever? 99 Bernard Guerrien and Ozgur
Gun download
pdf Paul Mason's PostCapitalism
110 Donald Gillies
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pdf The long-term rate of interest as Keynes`s `villain of
the piece`
120 Geoff Tily
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pdf Notes Mass Migration and Border Policy
130 Herman Daly
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pdf Stiglitz and the `Greek morality tale` 133 Ali Abdalla
Ali download
pdf Board
of Editors, past contributors, submissions and etc.
138 Issue no. 72 - 30 September 2015 Income inequality in the U.S. from 1950 to 2010: The
neglect of the political
2 Holger Apel download
pdf A never ending recession? The
vicissitudes of economics and economic policies 16 Alicia Puyana
download
pdf Capital accumulation: fiction and
reality 47 Shimshon Bichler
and Jonathan Nitzan download
pdf Amartya Sen and the media 69 John Jeffrey Zink download
pdf A critique of Keen on effective demand and changes in
debt 96 Severin Reissl download
pdf Commodities do not produce commodities: Christian Flamant download
pdf Economic consequences of location: Integration and
crisis recovery
reconsidered 135 Rainer Kattel
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pdf Global production shifts,
the transformation of finance 147 Esteban
Perez Caldentey download
pdf Fight against
unemployment: Rethinking public works programs 174 Amit
Bhaduri, Kaustav
Banerjee, Zahra Karimi Moughari download
pdf Board
of Editors, past contributors, submissions and etc. 186 Issue no. 71 - 28 May 2015 Two proposals for creating a parallel
currency in Greece A program
proposal for creating a complementary currency in Greece 2 Updated proposal
for a complementary currency for Greece 12 China`s communist-capitalist ecological
apocalypse 19 Trends in US income
inequality 64 Pavlina R. Tcherneva download
pdf The market economy: Theory, ideology and
reality 75 Explaining money creation by commercial
banks 92 Realist Econometrics? - Nell and Errouaki`s, Rational Econometric Man 112 Jamie Morgan download
pdf Who does the state work for? - Geopolitics
and global finance 124 Board of Editors, past contributors,
submissions and etc. 140 Issue no. 70 - 19
February 2015 The euro area`s secular
stagnation and what can be done about it 2 Leon
Podkaminer download
pdf Six core assumptions for a
new conceptual framework for economics 17 Gustavo
Marques download
pdf The
Federal Reserve and shared prosperity 27 Thomas
Palley download
pdf Still about oil? 49 Shimshon
Bichler and Jonathan Nitzan download
pdf A monetary case for
value-added negative tax 80 Michael
Kowalik download
pdf Did globalisation
stimulate increased inequality?
92 Mohammad
Muaz Jalil download
pdf A population perspective on the steady state
economy 106 Herman
Daly download
pdf Money and Say's law: On the macroeconomic models of Kalecki,
Keen and Marx 110 José
A. Tapia download
pdf Asymmetric information, critical
information and the information interface 121 Patrick
Spread download
pdf Productivity
decline in the Arab world 140 Ali
Kadri download
pdf From TREXIT to GREXIT?
- Quo vadis
hellas? 161 Claude
Hillinger download
pdf Board of Editors, past contributors, submissions and etc.
164 issue no.
69 - 7
October 2014 The Piketty phenomenon and the future of
inequality 2 Robert
Wade download pdf Egalitarianism`s latest foe
18 Piketty and the limits of marginal productivity theory
36 Piketty`s determinism?
44 Piketty`s global tax on
capital 51 Reading Piketty in
Athens 58 Pondering Mexican hurdles while reading Capital in the XXI
Century 74 Piketty`s inequality and local versus global Lewis turning
points 89 The growth of
capital 100 Piketty vs. the classical economic
reformers 122 Is Capital in the Twenty-first century Das Kapital for the twenty-first
century? 131 Piketty and the resurgence of patrimonial
capitalism 138 Unpacking the first fundamental
law 145 Capital and capital: The second most fundamental
confusion 149 Piketty`s policy proposals: How to effectively redistribute
income 161 Piketty: Inequality, poverty and managerial
capitalism 167 Capital in the Twenty-First Century: Are we doomed
without a wealth tax?
175 Board of Editors, past contributors, submissions and etc.
181 issue no.
68 - 21
August 2014 Monetary policy in the US and the EU after
quantitative easing 2 Thomas Palley download pdf Processes vs. mechanisms and two kinds of
rationality 10 Gustavo Marques download pdf A systems and thermodynamics perspective on
technology in the circular economy Crelis F. Rammelt and Phillip Crisp download pdf 25 Back where we started from: the Classics to
Keynes, and back again 41 Roy H Grieve download pdf Demand theory is founded on errors 62 Jonathan Barzilai download pdf The central bank with an expanded role in a
purely electronic monetary system 66 Trond Andresen download pdf Financialization,
income distribution and social justice:
74 Recent German and American experience Robert R Locke download pdf Recovering Adam Smith's ethical economics 90 Thomas R. Wells download pdf The human element in the New Economics 98 Neva Goodwin download pdf Placing economists' analyses of antidumping in an antitrust
context 119 John B. Benedetto download pdf Board of Editors, past contributors, submissions
and etc. 147 issue no.
67 - 9 May 2014 Loanable funds vs. endogenous money:
Krugman is wrong, Keen is right 2 Egmont Kakarot-Handtke download
pdf Why DSGE analysis cannot accurately model
financial-real sector interaction 17 Evaluating the costs of growth 41 Climate change, carbon trading and societal
self-defence 52 Max Koch download pdf Supply and demand models - the impact of
framing 67 Stuart Birks download pdf Excess capital and the rise of inverted
fascism: an historical approach 78 What is the nature of George Soros' INET?
90 Public debt crises in Latin American and
Europe: A comparative analysis 97 Reconciling homo-economicus with the biological
evolution of homo-sapiens 117 Taddese Mezgebo download pdf Ordinal utility and
the traditional theory of consumer demand: response to Barzilai Donald Katzner download pdf 130 Book review essays The capitalist algorithm: Reflections on Robert Harris' The Fear Index 137 Jonathan Nitzan and Shimshon Bichler download
pdf The accidental controversialist:
deeper reflections on Thomas Piketty’s Capital 143 Thomas I. Palley download pdf Board
of Editors, past contributors, submissions and etc. 147 issue no.
66 - 13 January 2014 Secular stagnation and endogenous money Micro versus Macro On facts and values: a critique of the fact value
dichotomy Modern Money Theory and New Currency Theory: A comparative
discussion Fama-Shiller, the
Prize Committee and the 'Efficient
Markets Hypothesis' How capitalists learned to stop worrying and love the
crisis Two approaches to global competition: A historical
review Dimensions of real-world competition: A critical realist
perspective Information economics as mainstream economics and the
limits of reform The À capability matrix: GDP and the economics of human
development Open access vs. academic power Interview with Edward Fullbrook on Book review of The Great Eurozone Disaster:
From Crisis to Global New Deal Comment: Romar
Correa on 'A Copernican Turn in Banking Union', by Thomas
Mayer Editorial Board, Submissions, past contributors, and etc.
149 Instant
comments - You
may post comments on papers in this issue on the Real-World
Economics Review Blog issue 65 - 27 September 2013 Regression
and causation: a critical examination of econometrics
textbooks 2 Diagrammatic
economics 21 A
plea for reorienting philosophical attention from models to applied
economics 30 A
Copernican turn in banking union urgently
needed 44 A
monetary and fiscal framework The
experience of three crises: Global
output growth: wage-led rather than
profit-led? 116 Striking
it richer: the evolution of top incomes in the United
States 120 New
Paradigm Economics 129 Past
contributors, submissions and etc. 132 Instant comments - You may post comments on
papers in this issue on the Real-World Economics
Review Blog issue 64 - 2
July 2013 Is it a bubble?
download
pdf
2 Steve Keen - A bubble so big we can't even see
it download
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3 Dean Baker - Are the bubbles
back?
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11 Ann Pettifor - The
next crisis
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15 Michael Hudson - From the bubble economy to download
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21 Rethinking economics using complexity
theory 23 The fate of Keynesian faith in Joseph's countercyclical moral
52 A constructive critique of the Levy
sectoral financial balance
approach 59 Capturing causality in economics and the
limits of statistical inference
81 Money
as gold versus money as water
90 Constant returns to scale: Can the
competitive economy exist 102 Reassessing the basis of corporate business
performance
110 Capitalism and the destruction of life on
Earth
125 Past contributors, submissions and etc.
152 Issue 63 - 25 March 2013 The veil of deception over
money 2 Ultra easy monetary policy and the law of unintended
consequences 19 Civilizing
capitalism 57 Looking at the right metrics in the right way - Two kinds
of models 73 Crisis and methodology: Some heterodox
misunderstandings 98 Inapplicable operations on ordinal, cardinal, and expected
utility 118 Reduced work hours as a means of slowing climate
change 124 Electronic money and Modern Monetary
Theory 135 Productivity, unemployment and the Rule of
Eight 142 What I would like economic majors to
know 147 Past, contributors, submissions and etc. 155 Issue 62 - 15 December 2012 A radical
reformation of economics education 2 To observe or
not to observe: Trend,
randomness, and noise: Exogenous vs.
endogenous 29 Yinan Tang, Wolfram
Elsner, Torsten Heinrich,
Ping Chen Rational
expectations - a fallacious
foundation 34 Rethinking
economics: Logical gaps – empirical to the real
world 51 Laboratory
experimentation in economics 68 Some
developments in the economic scientific
community 83 Economy and Society The Fiscal
Cliff - Lessons from the 1930s (Report to US Congress)
98 Breakdown of
the capacity for collective agency:
112 Surviving
progress: Managing the collective risks of civilization
121 Financial
capitalism – at odds with
democracy 132 A hot wheels
idea for looking at the
distribution 160 Past
Contributors, etc. 170 Issue 61 - 26 September 2012 The optimal material threshold: Toward an economics of sufficiency 2 The normative foundations of
scarcity 22 Asad Zaman download
pdf Degrowth, expensive oil, and the new economics of energy 40 Samuel Alexander download
pdf Nash dynamics of the wealthy,
powerful, and privileged: 52 L. Frederick Zaman download
pdf Capital as power: Toward a new cosmology of
capitalism 65 Shimshon Bichler
and Jonathan Nitzan download
pdf A warrant for pain: 85 Caveat emptor vs. the duty of care in American
medicine Avner Offer download
pdf Reassessing the basis of
economics: 100 From Adam Smith to Carl von
Clausewitz Robert R Locke download
pdf Mankiw’s attempted resurrection of marginal productivity theory 115 Fred Moseley download
pdf The evolution of economic
theory: 125 And some implications for
financial risk management Patrick Spread download
pdf More on why we should bury
the neoclassical theory 137 of the return on capital Roy Grieve download
pdf Past Contributors, etc. 147 |
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Latin Am. School of Social Sciences Jacques Sapir, France, Ecole des hautes
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Parker, Tim Costello, Brendan Smith, Jeremy Brecher,
Peter T. Manicas, Arjo Klamer, Donald MacKenzie, Max
Wright, Joseph E. Stiglitz. George Irvin, Frédéric Lordon, James Angresano, Robert
Pollin, Heidi Garrett-Peltier, Dani Rodrik, Marcellus Andrews, Riccardo Baldissone,
Ted Trainer, Kenneth J. Arrow, Brian Snowdon, Helen Johns, Fanny Coulomb, J.
Paul Dunne, Jayati Ghosh, L. A Duhs,
Paul Shaffer, Donald W Braben, Roland Fox, Marco
Gillies, Joshua C. Hall, Robert A. Lawson, Will Luther, JP Bouchaud, Claude Hillinger,
George Soros, David George, Alan Wolfe, Thomas I. Palley,
Sean Mallin, Clive Dilnot,
Dan Turton, Korkut Ertürk, Gökcer Özgür, Geoff Tily, Jonathan M.
Harris, Thomas I. Palley, Jan Kregel,
Peter Gowan, David Colander, Hans Foellmer, Armin Haas, Alan Kirman,
Katarina Juselius, Brigitte Sloth, Thomas Lux,
Luigi Sapaventa, Gunnar Tómasson,
Anatole Kaletsky, Robert R Locke, Bill Lucarelli, L. Randall Wray, Mark Weisbrot,
Walden Bello, Marvin Brown, Deniz Kellecioglu, Esteban Pérez Caldentey,
Matías Vernengo, Thodoris Koutsobinas, David A.
Westbrook, Peter Radford, Paul A.
David, Richard Smith, Russell
Standish, Yeva Nersisyan, Elizabeth Stanton, Jonathan Kirshner,
Thomas
Wells, Bruce Elmslie,
Steve Marglin, Adam Kessler, John Duffield, Mary
Mellor, Merijn Knibbe, Michael Hudson, Lars Pålsson
Syll, Korkut Erturk, Jane D’Arista,
Richard Smith, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino, Robert H. Wade, Silla Sigurgeirsdottir, Victor A. Beker, Pavlina R. Tcherneva, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino,
Robert H. Wade, Silla Sigurgeirsdottir,
Victor A. Beker, Pavlina
R. Tcherneva, Dietmar Peetz, Heribert Genreith, Mazhar Siraj, Ted Trainer, Hazel Henderson, Nicolas Bouleau, Geoff Davies, D.A. Hollanders, , Richard C.
Koo, Jorge Rojas, Marshall Auerback, Bill Lucarelli,
Robert McMaster, Fernando García-Quero, Fernando López Castellano, Robin
Pope and Reinhard Selten,
Patrick Spread
, Wilson Sy, Esteban Pérez-Caldentey, Trond Andresen, Fred Moseley, Claude Hillinger,
Shimshon Bichler, Johnathan Nitzan,
Nikolaos Karagiannis, Alexander G. Kondeas, Roy H. Grieve, Samuel Alexander, Asad Zaman, L. Frederick Zaman, Avner
Offer Jack
Reardon, Yinan Tang, Wolfram Elsner,
Torsten Heinrich, Ping Chen, Stuart Birks, Arne Heise, Mark Jablonowski, Carlos
Guerrero de Lizardi, Norbert
Häring, William White, Jonathan Barzilai,
David Rosnick, Alan Taylor Harvey, David Hemenway, Ann Pettifor, Dirk
Helbing, Alan Kirman, Douglas Grote, Brett Fiebiger, Thomas Colignatus, M.
Shahid Alam, Bryant Chen, Judea Pearl, John Pullen, Tom Mayer,
Thomas Oechsle, Emmanuel Saez,
Joseph Noko, Joseph Huber, Hubert Buch-Hansen, Brendan Sheehan, C P Chandrasekhar, Heikki Patomäki, Romar Correa,
Piet-Hein van Eeghen, Max Koch, John Robinson,
Oscar Ugarteche, Taddese Mezgebo, Donald Katzner, Crelis F. Rammelt,
Phillip Crisp, John B. Benedetto, Heikki Patomäki, Alicia Puyana Mutis, Leon Podkaminer,
Michael Kowalik, Mohammad Muaz Jalil,
José A. Tapia, Robert W. Parenteau, Alan Harvey, C. T. Kurien, Ib Ravn, Tijo Salverda,
Holger Apel, John Jeffrey Zink, Severin
Reissl, Christian Flamant,
Rainer Kattel, Amit Bhaduri,
Kaustav Banerjee, Zahra Karimi
Moughari, David R Richardson, Emil Urhammer, Michel Gueldry, Rüya Gökhan Koçer,
Hee-Young Shin, Kevin Albertson, John Simister, Tony Syme, Geoff Tily, Ali Abdalla Ali,
Alejandro Nadal, Steven Klees, Gary Flomenhoft, Bernard C. Beaudreau,
William R. Neil, John B. Benedetto, Ricardo Restrepo
Echavarría, Carlos Vazquez, Karen Garzón Sherdek, Paul Spicker, Mouvement des étudiants pour la réforme de l’enseignement en économie, Suzanne Helburn,
Martin Zerner, Tanweer Akram,
Nelly P. Stromquist, Sashi Sivramkrishna,
Ewa Anna Witkowska, Ken Zimmerman Thoughts that led to the creation of this journal ".
. . economics has become increasingly an arcane branch of mathematics rather
than dealing with real economic problems" Milton Friedman " [Economics as taught] in America's graduate
schools... bears testimony to a triumph of ideology over science.” "Existing economics is a theoretical [meaning mathematical]
system which floats in the air and which bears little relation to what
happens in the real world” Ronald Coase " We live in an uncertain and ever-changing world
that is continually evolving in new and novel ways. Standard theories are of little help in
this context. Attempting to understand
economic, political and social change requires a fundamental recasting of the
way we think” Douglass North "Page after page of professional economic journals
are filled with mathematical formulas […] Year after year economic theorists
continue to produce scores of mathematical models and to explore in great
detail their formal properties; and the econometricians fit algebraic
functions of all possible shapes to essentially the same sets of data” Wassily Leontief " Today if you ask a mainstream economist a
question about almost any aspect of economic life, the response will be:
suppose we model that situation and see what happens…modern mainstream
economics consists of little else but examples of this process” Robert Solow "Economics is supposed to be social science,
i.e. an intellectual discipline resting upon empirically-observed facts, in
which mathematics and conceptual frameworks are tools for
understanding. But in contemporary mainstream economics, the tools are
often in the driver's seat, declaring evident facts impossible and reducing
the subtleties of the real world to whatever clockwork economists best know how to build." Ian
Fletcher "Modern
economics is sick. Economics has increasingly become an intellectual game
played for its own sake and not for its practical consequences for
understanding the economic world. Economists have converted the subject into
a sort of social mathematics in which analytical rigour is everything and
practical relevance is nothing.” " .
. . the close to monopoly position of neoclassical economics is not
compatible with normal ideas about democracy.
Economics is science in some senses, but is at the same time ideology. Limiting economics to the neoclassical
paradigm means imposing a serious ideological limitation. Departments of economics become political
propaganda centers . . .” " Economics
students . . . graduate from Masters and PhD programs with an effectively
vacuous understanding of economics, no appreciation of the intellectual
history of their discipline, and an approach to mathematics that hobbles both
their critical understanding of economics and their ability to appreciate the
latest advances in mathematics and other sciences. A minority of these ill-informed students
themselves go on to be academic economists, and they repeat the process. Ignorance is perpetuated” Steve
Keen " The human economy has passed from an
“empty world” era in which human-made capital was the limiting factor in
economic development to the current “full world” era in which remaining
natural capital has become the limiting factor “ Robert
Costanza "Most courses deal with an ‘imaginary
world,’ and have no link whatsoever with concrete problems.” " All
of these textbooks fail to explain how prices are determined in ‘markets’’
and thus how markets work. Where do
prices come from? Who determines them? How do they fluctuate? These questions are never addressed, even
though it is through the price mechanism that the ‘invisible hand’ is
supposed to operate.” " .
. . mainstream economists seek knowledge through numbers to stop the messy reality
of people, processes and politics dirtying their invisible hands.” " Multinationals
are everywhere except in economic theories and economics departments.” Grazia Ietto-Gillies “. . . the economist must engage him or herself as a citizen with
convictions regarding the public good and ways of treating it, rather than as
the holder of universal truth that he or she substitutes for discussion in
order to impose it on us all.”
" There
is an urgent need for a more realistic economics of the environment, with
theories and analyses that can help to create environmentally sustainable
economic activity.” Frank
Ackerman "Modern economics is not very successful as
an explanatory endeavour. This much is accepted by most serious commentators
on the discipline, including many of its most prominent exponents” Tony
Lawson " Because mathematics has swamped the
curricula in leading universities and graduate schools, student economists
are neither encouraged nor equipped to analyze real
world economies and institutions.” Geoffrey
M. Hodgson " .
. . the concepts of uneconomic growth, accumulating illth,
and unsustainable scale have to be incorporated in economic theory if it is
to be capable of expressing what is happening in the world. This is what
ecological economists are trying to do.” Herman
E. Daly " The
application of mathematics to economics has proved largely unsuccessful
because it is based on a misleading analogy between economics and physics.
Economics would do much better to model itself on another very successful
area, namely medicine, and, like much of medicine, to adopt a qualitative
causal methodology.” Donald
Gillies " Economic
history courses have been disappearing from classrooms across the world. Once
a compulsory part of economics education, they have been relegated to the
remote corners of ‘options’ and even closed down.” Ha-Joon Chang " In
Smith is a forgotten lesson that the foundation of success in creating a
constructive classical liberal society lies in the individuals’ adherence to
a common social ethics. According to Smith, virtue serves as ‘the fine polish to the wheels of society’ while vice is ‘like the
vile rust, which makes them jar and grate upon one another.’ Indeed, Smith
sought to distance his thesis from that of Mandeville and the implication
that individual greed could be the basis for social good. Smith’s deistic
universe might not sit well with those of post-enlightenment sensibilities,
but his understanding that virtue is a prerequisite for a desirable market
society remains an important lesson. For Smith ethics is the hero-not
self-interest or greed-for it is ethics that defend social intercourse from
the Hobbesian chaos.” Charles
K. Wilber ". . . conventional
economics . . . remains fixated on the view that economics is the physics of
society. In other words, most of the
profession behaves as if there were a single universally valid view of the
world that needs only to be applied.” Paul
Ormerod
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