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WEA eBooks


Finance as Warfare

Michael Hudson


The Scientist and the Church

Shimshon Bichler and Jonathan Nitzan


The Economy of the Hamster

Mauro Gallegati


On the use and misuse of theories and models in economics

Lars Pålsson Syll


Bubble Economics: Australian Land Speculation 1830 – 2013

Paul D. Egan and Philip Soos


Developing an economics for the post-crisis world

Steve Keen


Nuevos paradigmas, desarrollo económico y dinámica social

Jorge Buzaglo


Statistical Foundations for Econometric Techniques

Asad Zaman


Wealth and Illfare: An Expedition through Real Life Economics

C. T. Kurien


Appreciating Mental Capital: What and Who Economists Should Also Study

Robert Locke








real-world economics review


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Current issue – no. 89 – 3 October 2019      
Click here to subscribe for free and download current issue


Issue no. 89

Special Issue

Modern monetary theory and its critics

      3 October 2019    


Introduction: Whither MMT?

The editors



Alternative paths to modern money theory

L. Randall Wray



Initiating a parallel electronic currency in a eurocrisis country – why it would work

Trond Andresen



An MMT perspective on macroeconomic policy space

Phil Armstrong



Monetary sovereignty is a spectrum: modern monetary theory and developing countries

Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell



Are modern monetary theory’s lies “plausible lies”?

David Colander



What is modern about MMT? A concise note

Paul Davidson



Modern monetary theory: a European perspective

Dirk H. Ehnts and Maurice Höfgen



MMT: the wrong answer to the wrong question

Jan Kregel



Modern monetary theory and post-Keynesian economics

Marc Lavoie



Money’s relation to debt: some problems with MMT’s conception of money

Tony Lawson



The sleights of hand of MMT

Anne Mayhew



Tax and modern monetary theory

Richard Murphy



Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics

Thomas I. Palley   




Louis-Philippe Rochon



Modern monetary theory: is there any added value?

Malcolm Sawyer



The significance of MMT in linking money, markets, sector balances and aggregate demand

Alan Shipman



The political economy of modern money theory, from Brecht to Gaitskell

Jan Toporowski



Board of Editors, past contributors, submissions, etc.




Issue no. 88 10 July 2019    download whole issue


Make-believe empiricism

Is econometrics relevant to real world economics?          2
Imad A. Moosa          download


The fiction of verifiability in economic “science”         14

Salim Rashid          download


Nominal science without data – the artificial Cold War content of Game Theory and Operations Research          29

Richard Vahrenkamp           download


Real GDP: the flawed metric at the heart of macroeconomics          51

Blair Fix, Jonathan Nitzan and Shimshon Bichler          download


Realism and critique in economics: an interview with Lars P. Syll          60

Lars P. Syll and Jamie Morgan          download


Digital currency. Design principles to support a shift from bankmoney to entral bank digitalcurrency          76

Joseph Huber          download


Economics and the shop floor: reflections of an octogenarian          91

Robert R. Locke          download


Can redistribution help build a more stable economy?          108

Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza          download


What can economists and energy engineers learn from thermodynamics beyond the technical aspects?          130

Abderrazak Belabes          download


Metaphors for the evolution of the American economy: progressing from the invisible and visible hands to the humanistic hand          144

John F. Tomer          download


Permanent fiscal deficits are desirable for the high income countries: a note          159

Leon Podkaminer          download


Board of Editors, past contributors, submissions, etc.          163





Issue no. 87 19 March 2019    download whole issue

Special Issue: ​​​​​​​​​​​​​​Economics and the Ecosystem

Introduction            2
Jamie Morgan and Edward Fullbrook           download

Growthism: Its ecological, economic, and ethical limits           9
Herman Daly          download

Producing ecological economy          23
Katharine N. Farrell          download

Dog barking, overgrazing and ecological collapse          33
Edward Fullbrook          download

Addressing meta-externalities: investments in restoring the earth          36
Neva Goodwin          download

Degrowth: A theory of radical abundance          54
Jason Hickel          download

Environmental financialization: What could go wrong?          69
Eric Kemp-Benedict and Sivan Kartha          download

Elements of a political economy of the postgrowth era         90
Max Koch          download

Victim of success: civilisation is at risk         106
Peter McManners          download

Economism and the Econocene: A Coevolutionary Interpretation          114
Richard B. Norgaard          download

End game: The economy as eco-catastrophe and what needs to change          132
William E. Rees          download

An ecosocialist path to limiting global temperature rise to 1.5°C0          149
Richard Smith          download

Toward sustainable development: Democracy-oriented economics          181
Peter Söderbaum          download

Like blending chalk and cheese          196
Joachim H. Spangenberg and Lia Polotzek          download

Of Ecosystems and Economies: Re-connecting economics with reality          213
Clive L. Spash and Tone Smith          download

How to achieve the sustainable development goals by 2050 231
Per Espen Stoknes          download

The simpler way: envisioning a sustainable society in an age of limits 247
Ted Trainer and Samuel Alexander          download

Board of Editors, past contributors, submissions, etc.          261



issue no. 86 – 10 December 2018       download whole issue


Who is behind the campaign to rid the world of cash

Norbert Haering        download


The trouble with human capital theory

Blair Fix        download


A progressive trade policy

Dean Baker        download


The transformational role of the Great Recession for economic governance

Constantine E. Passaris        download


Realizing nudging’s potential: improving well-being and reducing socio-economic dysfunction

John F. Tomer        download


A comment on corporations

Peter Radford        download


The enigmatization of economic growth

Bernard C. Beaudreau        download


Lest they be forgotten: inequality in non-capitalist economies during the 20th century

Michael Ellman        download



The Public Economy in Crisis: A Call for a New Public Economics by June Sekera

W. Milberg        download



Technology and Isolation: Clive Lawson on the impact of technology on the economy and society

Nuno Ornelas Martins        download



Heterodox economics and economic methodology: an interview with John Davis

Jamie Morgan        download




A tale of two Germanies. Any lessons for Central Europe? A note

Leon Podkaminer        download



Board of Editors, past contributors, submissions, etc.




issue no. 85 19 September 2018         download whole issue


Globalization checkmated?

Thomas I. Palley         download pdf


Post-crisis, next crisis

Capital and class: inequality after the crash

David Ruccio and Jamie Morgan         download pdf



Post-crisis perspective: sorting out money and credit and why they matter!

John M. Balder         download pdf 


With their back to the future: will past earnings trigger the next crisis?

Shimshon Bichler and Jonathan Nitzan         download pdf


Changing economics

Radical paradigm shifts

Asad Zaman         download pdf



How to transform economics and systems of power?

Deniz Kellecioglu         download pdf 


Economics and normativity in four sections 

Jamie Morgan         download pdf


From Pareto economics, to Pareto politics, to fascism

Jorge Buzaglo         download pdf


Trump politics towards Mexico

Alicia Puyana         download pdf  


Note: A brief critical note regarding recent “crowding out” claims

Leon Podkaminer         download pdf


Board of Editors, past contributors, submissions, etc.




issue no. 84  19 June 2018         download whole issue


Special issue on the public economy and a new public economics

Edited by Michael Bernstein and June Sekera

Reconstructing a public economics: markets, states and societies          2
Michael A. Bernstein          download pdf


There is more than one economy          16
Neva Goodwin         download pdf


The public economy: understanding government as a producer.          36
A reformation of public economics
June Sekera         download pdf


Economic benefits of public services          100
David Hall and Tue Anh Nguyen          download pdf


Bureaucracy shouldn’t be a dirty word:
the role of people-responsive bureaucracy in a robust public economy          154
Janine R. Wedel          download pdf


The need for a new public administration          170
James K. Galbraith         
download pdf


Industrial policy, then and now          178
Victoria Chick         download pdf


Putting the nation-state back in: public economics and the global economy          189
Michael Lind          download pdf


The entrepreneurial state: socializing both risks and rewards          201
Mariana Mazzucato          download pdf


Board of Editors, past contributors, submissions, etc.          218



issue no. 83  26 March 2018         download whole issue

Ten years after the crisis: a lost decade?          2
Steven Pressman and Robert Scott           download pdf        

The great marginalization: why twentieth century economists neglected inequality          20
Eli Cook           download pdf

Game Theory
          On the current state of game theory          35
          Bernard Guerrien           download pdf

          Why game theory never will be anything but a footnote in the history of social science          45
          Lars Pålsson Syll
           download pdf

          The creation of jobs         65
          Michael Joffe 
        download pdf

          Employment in a just economy          87
          John Komlos          download pdf

Business Studies
          Managing the engines of value-creation          99
          J.-C. Spender          download pdf

          The effect of academic business studies in Germany and America in the modern era          116
          Robert R. Locke          download pdf

Does the maximization principle break down during recessions?          138
Philip George          download pdf

The political economy of reforms in Europe          147
Yiannis Kokkinakis          download pdf

Book review essay
The Vienna school of ecological economics          163
Katharine N. Farrell          download pdf

Board of Editors, past contributors, submissions, etc.          170



issue no. 82  13 December 2017         download whole issue


China’s drivers and planetary ecological collapse          2 
Richard Smith        
 download pdf


The Saudi Palace coup, the oil market, China and the United States          29

Ali Kadri          download pdf


Teaching relevant microeconomics after the global financial crisis          47
Michel S. Zouboulakis          
download pdf


On microfoundations of macroeconomics          60
Prabhath Jayasingh          
download pdf


The trouble with distribution theory         76
Bernard C. Beaudreau          
download pdf


Trumping the NAFTA renegotiation          94
Robert A. Blecker, Juan Carlos Moreno-Brid and Isabel Salat          
download pdf


Assessing the impact of austerity in the Greek economy          122
Nasos Koratzanis and Christos Pierros          
download pdf


Why Buddhist economics is needed          143
John F. Tomer          download pdf


book review 
Independent thinking in an interdependent world          159
Jamie Morgan          
download pdf


Board of Editors, past contributors, submissions, etc.          175

issue no. 81 30 September 2017          download whole issue


Involuntary unemployment         2

Roy Grieve           download pdf


Fixing the Euro’s original sins           15

Thomas Palley           download pdf


Missing from the mainstream: The biophysical basis of production and the public economy          27

June Sekera           download pdf


Why does capital flow from poor to rich countries?           42

Michael Joffe           download pdf


The case for taxing interest          63

Basil Al-Nakeeb           download pdf


Why consumers are not sovereign: The socio-economic causes of market failure          76

John F. Tomer          download pdf


Economics as a science          91

Adam Fforde           download pdf


An ontology for the digital age? Review of Profit and Gift in the Digital Economy          110

Jamie Morgan           download pdf


The resource curse reloaded          118

Paulo Gala, Jhean Camargo and Guilherme Magacho           download pdf


Transient development          135

Frank Salter           download pdf


Board of Editors, past contributors, submissions, etc.           168



issue no. 80 -  30 June 26 2017        download whole issue


Inequality, democracy and the ecosystem

Politics, preferences, and prices: the political consequences of inequality          2
Luke Petach           download pdf

The triumph of Pareto          14
Gary Flomenhoft           download pdf

Do we need a new economics for sustainable development?          32
Peter Soderbaum          download pdf

From green growth towards a sustainable real economy          45
Jørgen Norgard and Jin Xue         download pdf


Split-circuit reserve banking - functioning, dysfunctions and future perspectives          63
Joseph Huber         download pdf

The coming revolution in political economy          85
Tim Di Muzio and Leonie Noble         download pdf

Keynesian issues

Derivation of involuntary unemployment from Keynesian microfoundations          109
Philip George         download pdf

Asymmetric price adjustment: the missing link in Keynesian macroeconomics          121
Victor Beker         download pdf


Chinese economics as a form of ethics          148
Kazimierz Poznanski         download pdf

A brief history of Pakistan’s economic development          171
Muhammad Iqbal Anjum and Pasquale Michael Sgro          download pdf

Review essays

Negating 1984: Michael Hudson’s antidote to doublespeak in economics          179
Jamie Morgan          download pdf

Deserving economics          186
Peter Radford         download pdf

A note

Trade imbalances are undesirable          193
Leon Podkamine          
download pdf

Board of Editors, past contributors, submissions and etc.          197



issue no. 79 - 30 March 2017        download whole issue

Trumponomics: causes and consequences

Part II

30 March 2017


Economic policy in the Trump Era           2

Dean Baker            download pdf


Major miscalculations: globalization, economic pain, social dislocation and the rise of Trump        13
illiam Neil             download pdf


Trumponomics and the developing world            29

Jayati Ghosh             download pdf


Nature abhors a vacuum: sex, emotion, loyalty and the rise of illiberal economics            35

Julie A. Nelson             download pdf


Is Trump wrong on trade? A partial defense based on production and employment           43

Robert H. Wade             download pdf


President Trump and free-trade            64

Jacques Sapir             download pdf


U.S. private capital accumulation and Trump`s economic program            74

Jim Stanford             download pdf


Trumponomics and the `post-hegemonic world`            91

Barry K Gills and Heikki Patomaki             download pdf


Pussynomics: regression to mean            08

Susan Feiner             download pdf


Trump`s contradictions and the future of the Left            115

Boris Kagarlitsky             download pdf


Trumponomics, firm governance and US prosperity            120

Robert R Locke             download pdf


Donald Trump, American political economy, and the `terrible simplificateurs`            136

Kurt Jacobsen and Alba Alexander             download pdf


Mexico, the weak link in Trump`s campaign promises            142

Alicia Puyana             download pdf


`unemployment`: misinformation in public discourse            158

Edward Fullbrook             download pdf


Board of Editors, past contributors, submissions and etc.            163



Issue no. 78 - 22 March 2017        download whole issue

Trumponomics: causes and consequences
Part I

Preface          download pdf


Trumponomics: everything to fear including fear itself?          3
Jamie Morgan          download pdf                                                                           


Can Trump overcome secular stagnation?          20                                  
James K. Galbraith            download pdf      


Trump through a Polanyi lens: considering community well-being          28
Anne Mayhew            download pdf     


Trump is Obama`s legacy. Will this break up the Democratic Party?          36

Michael Hudson          download pdf


Causes and consequences of President Donald Trump          44
Ann Pettifor               download pdf     


Explaining the rise of Donald Trump          54
Marshall Auerback          download pdf 


Class and Trumponomics          62                   
David F. Ruccio          download pdf 


Trump's Growthism: its roots in neoclassical economic theory          86
Herman Daly          download pdf 


Trumponomics: causes and prospects          98
L. Randall Wray          download pdf 


The fall of the US middle class and the hair-raising ascent of Donald Trump       
Steven Pressman          
download pdf          112


Mourning in America: the corporate/government/media complex          125
Neva Goodwin          download pdf 


How the Donald can save America from capital despotism          132
Stephen T. Ziliak          download pdf 


Prolegomenon to a defense of the City of Gold          141
David A. Westbrook          download pdf 


Trump`s bait and switch: job creation in the midst of welfare state sabotage
Pavlina R. Tcherneva           download pdf          148


Can `Trumponomics` extend the recovery?          159
Stephanie Kelton           download pdf 


Board of Editors, past contributors, submissions and etc.          173     



Issue no. 77 - 10 December 2016        download whole issue


Human growth and avoiding European disintegration: lessons from Polanyi          2     
Jorge Buzaglo          download pdf 


Uncertainty about uncertainty: the futility of benefit-cost analysis for climate change policy          11
Mariano Torras          download pdf 


Growthism: A Cold War leftover           26
Herman Daly          download pdf


Finance capital and the nature of capitalism in India today         30 
C.P. Chandrasekhar          download pdf


Competitiveness and its leverage in a currency union: how Germany gains from the euro         40
Thanos Skouras          download pdf


Rethinking rationality theory`s epistemological status: normative vs. positive approach        50
Gustavo Marques and Diego Weisman          download pdf


Time and the analysis of economic decision making          64
Donald Katzner          download pdf


The mathematical equivalence of Marshallian analysis and `General Equilibrium` theory          73
Philip George            download pdf   


The problem with production theory          85
Bernard C. Beaudreau          download pdf


Trade surpluses of countries trading with the United States          102
John B. Benedetto          download pdf


A CasP model of the stock market          118
Shimshon Bichler and Jonathan Nitzan          download pdf


A New `General Theory`? A review of Capitalism by Anwar Shaikh          155
Bernard Guerrien          download pdf


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           download 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




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 - 27 June 2016


The other half of macroeconomics and the three stages of economic development          2
Richard C. Koo          download pdf


Polanyi and the coming US president election          49
William R. Neil          download pdf


The political economy of the Paris Agreement on human induced climate change          67
Clive L. Spash          download pdf


Zucman on tax evasion and the U.S. trade deficit          76
John B. Benedetto          download pdf


The resource curse mirage          download pdf          92
Ricardo Restrepo Echavarria, Carlos Vazquez, Karen Garzon Sherdek


Economics as practical wisdom          113
Paul Spicker          download pdf


Everyday futures: Financial market stability in the performative social present          126
Erik Andersson          download pdf


Review Essays

Is the CORE eBook a possible solution to our problems?                     download pdf          135
Mouvement des etudiants pour la reforme de l'enseignement en economie


Rethinking Piketty: Critique of the critiques          143
Suzanne Helburn          download pdf



A note on the aggregated production function and the accounting identity          152
Martin Zerner          download pdf



Don’t ask economists, just listen to Sargent and ask the people          156
Peter Radford          download pdf


Poll Results

2016: Top 10 economics books of the last 100 years          download pdf          159
2006: Greatest Twentieth-Century Economists          
download pdf          160


Board of Editors, past contributors, submissions and etc.            download pdf          161




Issue no. 74 - 7 April 2016


Inequality, the financial crisis and stagnation             1
Thomas Palley                download pdf 

Deductivism - the fundamental flaw of mainstream economics              22

Lars Palsson Syll             download pdf 


Heterodox economics or political economy?              40

Frank Stilwell             download 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             download pdf 


The petition against the Smoot-Hawley Tariff Bill: What 1,028 economists overlooked             124

Bernard C. Beaudreau             download pdf 


Review Essay

When the model becomes the message - a critique of Rodrik             139

Lars Palsson Syll              download pdf 


Board of Editors, past contributors, sumbissions and etc.               156




Issue no. 73 - 11 December 2015


What does `too much government debt` mean in a stock-flow consistent model?              2

David R Richardson             download pdf


Divine belief in Economics at the beginning of the 21st century             16

Emil Urhammer              download pdf 


The double discipline of neoclassical economics             27

Michel Gueldry             download pdf


Two worlds of minimum wage and a new research agenda             58

Ruya Gokhan Kocer               download pdf


The IMF and Troika's Greek bailout programs: an East Asian view             76

Hee-Young Shin              download pdf


Globalisation and sticky prices: `Con` or conundrum?              92

Kevin Albertson, John Simister and Tony Syme              download 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             download pdf


The long-term rate of interest as Keynes`s `villain of the piece`              120

Geoff Tily               download pdf




Mass Migration and Border Policy             130

Herman Daly              download 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
from a Latin American perspective

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:
A critical view of Sraffa`s theory of production and prices          118

Christian Flamant          download pdf


Economic consequences of location: Integration and crisis recovery reconsidered         135

Rainer Kattel          download pdf


Global production shifts, the transformation of finance         147
and Latin America`s performance in the 2000s

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