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Recent books by RWER contributors


Norbert Häring and Niall Douglas

Economists and the Powerful


Grazia Ietto-Gillies

Transnational Corporations and International Production


Erik S. Reinert

How Rich Countries Got Rich . . . and Why Poor Countries Stay Poor


Jonathan Nitzan and Shimshon Bichler

Capital as Power: A Study of Order and Creorder


Peter Söderbaum

Understanding Sustainability Economics: Towards Pluralism in Economics


Victor Beker

Estado y Mercado, Verdaderas y Falsas Antinomias


Steve Keen

Debunking Economics


Nicolas Bouleau

Risk and Meaning: Adversaries in Art, Science and Philosophy


Michael Hudson

Trade, Development and Foreign Debt


Richard Murphy

Tax Havens: How Globalization Really Works


Ted Trainer

Renewable Energy Cannot Sustain a Consumer Society


Hazel Henderson

Ethical Markets: Growing the Green Economy






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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 Marqués      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
Piet-Hein van Eeghen     download pdf

Evaluating the costs of growth        41
Asad Zaman     download pdf


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
John Robinson     download pdf


What is the nature of George Soros’ INET?        90
Norbert Haering       download pdf


Public debt crises in Latin American and Europe: A comparative analysis        97
Oscar Ugarteche      download pdf


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
Steve Keen        download pdf        2          

Micro versus Macro     
Lars Pålsson Syll        download pdf        12   

On facts and values: a critique of the fact value dichotomy 
Joseph Noko          download pdf        30

Modern Money Theory and New Currency Theory: A comparative discussion 
Joseph Huber        download pdf            38

Fama-Shiller, the Prize Committee and the “Efficient Markets Hypothesis” 
Bernard Guerrien and Ozgur Gun        download pdf        58      

How capitalists learned to stop worrying and love the crisis 
Shimshon Bichler and Jonathan Nitzan        download pdf        65

Two approaches to global competition: A historical review 
M. Shabid Alam        download pdf        74

Dimensions of real-world competition – a critical realist perspective 
Hubert Buch-Hansen        download pdf        80

Information economics as mainstream economics and the limits of reform 
Jamie Morgan and Brendan Sheehan        download pdf        95

The À capability matrix: GDP and the economics of human development 
Jorge Buzaglo           downloiad pdf        109

Open access vs. academic power 
C P Chandrasekhar        download pdf        127

Interview with Edward Fullbrook on
New Paradigm Economics vs. Old Paradigm Economics        download pdf        131

Book review of  The Great Eurozone Disaster: From Crisis to Global New Deal      
download pdf        144

Comment: Romar Correa on  “A Copernican Turn in Banking Union”, by Thomas Mayer       
download pdf        147

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
Bryant Chen and Judea Pearl         
download pdf


Diagrammatic economics          21
John Pullen         
download pdf


A plea for reorienting philosophical attention from models to applied economics          30
Gustavo Marqués         
download pdf


A Copernican turn in banking union urgently needed          44
Tom Mayer         
download pdf


A monetary and fiscal framework
for macroeconomic stability in the European Monetary Union         
Thomas Oechsle         
download pdf


The experience of three crises:
the Argentine default, American subprime meltdown and European debt mess          65
Víctor A. Beker         
  download pdf


Global output growth: wage-led rather than profit-led?          116
Leon Podkaminer         
download pdf  


Striking it richer: the evolution of top incomes in the United States          120
Emmanuel Saez         
 download pdf


New Paradigm Economics          129
Edward Fullbrook         
download pdf


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 pdf         3

Dean Baker – Are the bubbles back?       download pdf         11

Ann PettiforThe next crisis                 download pdf         15

Michael Hudson – From the bubble economy to . . .        download pdf         21


Rethinking economics using complexity theory             23
Dirk Helbing and Alan Kirman    
download pdf


The fate of Keynesian faith in Joseph’s countercyclical moral    52
Douglas Grote             
download pdf


A constructive critique of the Levy sectoral financial balance approach             59
Brett Fiebiger               
download pdf


Capturing causality in economics and the limits of statistical inference             81
Lars Syll           download pdf


Money as gold versus money as water               90
Thomas Colignatus         
download pdf


Constant returns to scale: Can the competitive economy exist    102
M. Shahid Alam            
download pdf


Reassessing the basis of corporate business performance          110
Robert Locke               
download pdf


Capitalism and the destruction of life on Earth          125
Richard Smith          
download pdf  


Past contributors, submissions and etc.          152



Issue 63 25 March 2013 

The veil of deception over money         2
Norbert Häring          download pdf

Ultra easy monetary policy and the law of unintended consequences          19
William White          download pdf

Civilizing capitalism          57
Erik Reinert          download pdf

Looking at the right metrics in the right way - Two kinds of models          73
Merijn Knibbe          download pdf

Crisis and methodology: Some heterodox misunderstandings          98
Egmont Kakarot-Handtke          download pdf

Inapplicable operations on ordinal, cardinal, and expected utility          118
Jonathan Barzilai          download pdf

Reduced work hours as a means of slowing climate change          124
David Rosnick          download pdf

Electronic money and Modern Monetary Theory          135
Trond Andresen          download pdf

Productivity, unemployment and the Rule of Eight          142
Alan Taylor Harvey          download pdf

What I would like economic majors to know          147
David Hemenway          download pdf

Past, contributors, submissions and etc. 155



Issue 6215 December 2012



A radical reformation of economics education 2
Jack Reardon      download pdf


To observe or not to observe:
Complementary pluralism in physics and economics 20
Edward Fullbrook       download pdf


Trend, randomness, and noise: Exogenous vs. endogenous 29
explanation in complex heterodox analysis       download pdf

Yinan Tang, Wolfram Elsner, Torsten Heinrich, Ping Chen


Rational expectations – a fallacious foundation 34
for macroeconomics in a non-ergodic world
Lars Syll       download pdf


Rethinking economics: Logical gaps – empirical to the real world 51
Stuart Birks        download pdf


Laboratory experimentation in economics 68
Dimitrios Koumparoulis      download pdf


Some developments in the economic scientific community 83
and the situation in Germany
Arne Heise      download pdf


Economy and Society


The Fiscal Cliff – Lessons from the 1930s (Report to US Congress) 98
Steve Keen      download pdf


Breakdown of the capacity for collective agency: 112
The leitmotif of our times
Korkut Alp Ertürk      download pdf


Surviving progress: Managing the collective risks of civilization 121
Mark Jablonowski      download pdf


Financial capitalism – at odds with democracy 132
Wolfram Elsner      download pdf


A hot wheels idea for looking at the distribution 160
of household wealth in Mexico 1984-2010
Carlos Guerrero de Lizardi      download pdf


Past Contributors, etc. 170



Issue 6126 September 2012


The optimal material threshold: Toward an economics of sufficiency                       2
Samuel Alexander     download pdf


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
America’s two-player, Darwin metaeconomy

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



Issue 6020 June 2012

Neo-classical economics:                                                                                                               2
A trail of economic destruction since the 1970s
Erik S. Reinert
download pdf

The asymptotes of power                                                                                                               18
Shimshon Bickler and Johnathan Nitzan download pdf

The Greek financial crisis and a developmental path to recovery                                      54
Nikolaos Karagiannis and Alexander G. Kondeas download pdf

Open peer review, open access and a House of Commons report                                    74
Grazi Ietto-Gillies download pdf

Llimits to growth and stochastics                                                                                                92
Nicolas Bouleau
download pdf

Democracy and sustainable development                                                                              107
Peter Soderbaum
download pdf

Rethinking macroeconomics in light of the US financial crisis                                          120
Victor A Beker
download pdf

Marginal productivity theory of the price of capital:
an historical perspective on the origins of the codswallop                                                139
Roy H. Grieve download pdf

Past Contributors, etc.                                                                                                                           150150


Issue 5912 March 2012


Public debt tipping point studies                                                                         2

ignore how exchange rate changes may create a financial meltdown

Robin Pope and Reinhard Selten     download pdf


Science and support: The struggle for mastery in economics                             39

Patrick Spread     download pdf 


Is economics a science? Should economics be rigorous?                                  58

Paul Davidson     download pdf


Endogenous crisis and the economic paradigm                                                 67

Wilson Sy     download pdf


The euro imbalances and financial deregulation:                                                83

A post-Keynesian interpretation of the European debt crisis

Matías Vernengo and Esteban Pérez-Caldentey     download pdf


High-tech parallel monetary systems for the underdogs                                   105

Trond Andresen     download pdf


Unemployment in the post-revolutionary Arab world                                        113

Ali Kadri     download pdf


A critique of the marginal productivity theory of the price of capital                  131

Fred Moseley     download pdf


The political economy of bubbles                                                                     138

Edward Fullbrook     download pdf

Note: Austerity for the piigs: easing the pain while increasing competitiveness               155
Claude Hillinger     download pdf

Past Contributors, etc.                                                                                                                             157

Instant comments – You may post comments on  papers in this issue on the

Real-World Economics Review Blog, [].



Issue 58 – 1 December 2011


Ethics in economics - Where is it?                                                                    2

Peter Radford     download pdf              

            WEA online conference: Economics in Society: The Ethical Dimension


A problem-centered and student-centered approach                                          9
to teaching pluralist economics

Julie A. Nelson     download pdf  


The world in balance sheet recession: causes, cure, and politics                     19

Richard C. Koo     download pdf                                                                             


Financial crisis, the international monetary system and                                   38
the challenge of the emerging economies

Jorge Rojas     download pdf   


Waiting for the next crash: the Minskyan lessons we failed to learn                 59

Randall Wray     download pdf      


Europe’s non-solution: the ‘bazooka’ turned on itself                                      69

Marshall Auerback       download pdf   


The Eurozone crisis: Looking through the financial fog                                   77

Jorge Buzaglo     download pdf      


A new international Bretton Woods System?                                                    83

Bill Lucarelli       download pdf   


Ethos and reform of finance systems, a tentative argument                              89

Jamie Morgan     download pdf   


Reform of finance education in US business schools                                       95

Robert R. Locke      download pdf      


Neuroeconomics: A sceptical view                                                                 113

Robert McMaster     download pdf   


Other institutionalism for Development Studies                                             126

Fernando García-Quero and  Fernando López Castellano     download pdf   


Past Contributors, etc.                                                                                                                        134



Issue 57 – December 12, 2011


How economic theory came to ignore the role of debt                                      2

Michael Hudson      download pdf   


Economic growth, asset markets and the credit accelerator                             25

Steve Keen      download pdf


The financial sector and the real economy                                                       41

Dietmar Peetz and Heribert Genreith      download pdf


The return of the bear                                                                                       48

Steve Keen      download pdf


Tax havens, secrecy jurisdictions and the breakdown of corporation tax         56

Richard Murphy      download pdf


China and India: a comparative analysis of their integration                            60

into the global economy

Mazhar Siraj      download pdf


The radical implications of a zero growth economy                                         71

Ted Trainer      download pdf


From rigged carbon markets to investing in green growth                               83

Hazel Henderson      download pdf


Mathematics and real-world knowledge                                                            90

Nicolas Bouleau      download pdf


The value of simple models                                                                            104

Geoff Davies      download pdf


Five methodological fallacies in applied econometrics                                   113

D.A. Hollanders      download pdf


Past Contributors, etc.                                                                                                                          127




Issue 56 –  March 11, 2011   


An outline for right to economic development in the Arab world               2

Ali Kadri     download pdf                                                                                                   

Scrap the lot and start again                                                                  

Egmont Kakarot-Handtke     download pdf                                                                         

Efficient Markets Hypothesis: What are we talking about?                      

Bernard Guerrien and Ozgur Gun     download pdf                                                    


The economist as social engineer:                                                           31

Maxi-max decision, utopia, and the need for professional economic ethics

George DeMartino     download pdf                                                                                

Understanding the problems of mathematical economics:                  

A “continental” perspective

Wolfgang Drechsler     download pdf                                                                        


Iceland’s meltdown:                                                                                 58

The rise and fall of international banking in the North Atlantic

Robert H. Wade and Silla Sigurgeirsdottir     download pdf                                                

On the economic crisis and the crisis of economics

Victor A. Beker     download pdf                                                                 


Fiscal policy effectiveness: Lessons from the Great Recession                95

Pavlina R. Tcherneva     download pdf                                                                                

Green capitalism: the god that failed   

Richard Smith     download pdf                                                                


The deficit-reducing potential of a financial speculation tax                   145

Dean Baker     download pdf                                                                     


U-3 or U-5: a note                                                                                   151

Merijn Knibbe     download pdf                                                                 

Reflections on the “Inside Job”

Peter Radford     download pdf                                                              


Past Contributors, etc.                                                                                                             158





Issue 55 December 17, 2010   


The use and abuse of mathematical economics                                                 2

Michael Hudson     download pdf


What is (wrong with) economic theory?                                                           23

Lars Pålsson Syll     download pdf


Reforming the international monetary system                                                  58

Jane D’Arista and Korkut Erturk     download pdf


U.S. “quantitative easing” is fracturing the global economy                             82

Michael Hudson     download pdf


Dubious assumptions of the theory of comparative advantage                          94

Ian Fletcher    download pdf


Why did Dutch economists get it so wrong?                                                    106

Merijn Knibbe     download pdf

If Herman Daly has a better plan, let’s hear it                                                   120

Richard Smith     download pdf


Adam Smith’s view of slaves as property:                                                        124

A response to Thomas Wells and Bruce Elmslie

Marvin T. Brown     download pdf


Past Contributors, etc.                                                                                                                           126




Issue 5427 September 2010           


Cognitive dissonance, the Global Financial Crisis and                                            2

                the discipline of economics           

Adam Kessler     download pdf


Manifesto of the appalled economists     download pdf                                           19


Deleveraging is America’s future                                                                                  32

Steve Keen     download pdf   


Heterodox lessons from the crisis                                                                               41

Korkut Alp Ertürk     download pdf 


The epistemology of economic decision making                                                      47

Lewis L. Smith     download pdf      


Ricardian “comparative advantage” is illusory                                                         62

John Duffield     download pdf   

Could the money system be the basis of a sufficiency economy?                       79

Mary Mellor     download pdf  


How to bring economics into the 3rd millennium by 2020                                        89

Edward Fullbrook     download pdf



                The operative word here is "somehow"                                                      103

                Herman Daly     download pdf     


Go forth and observe: An answer to Radford’s question                        104

Merijn Knibbe     download pdf


Past Contributors, etc.                                                                                                           108




Issue 5326 June 2010


May 6th                                                                                                                                      2

Paul A. David       download pdf

Beyond growth or beyond capitalism                                                                               28

Richard Smith     download pdf

Happy talk and the stock market                                                                                       43

David Westbrook     download pdf

The crisis in mainstream economics                                                                                 47

Geoffrey Harcourt     download pdf

Copeland on money as electricity                                                                                     52

Anne Mayhew     download pdf

Debunking the theory of the firm—a chronology                                                           56

Steve Keen and Russell Standish     download pdf

The high budgetary cost of incarceration                                                                        95

John Schmitt, Kris Warner, and Sarika Gupta     download pdf    

Deficit hysteria redux?                                                                                                        109

Yeva Nersisyan and Randall L. Wray     download pdf

The social cost of carbon                                                                                   129

Frank Ackerman and Elizabeth Stanton     download pdf

Review article                                                                                                                        144

Keynes, recovered

Jonathan Kirshner      download pdf   


Adam Smith’s real views on slavery: a reply to Marvin Brown                      150

Thomas Wells     download pdf

Did Smithian economics promote slavery?                                                     156

Bruce Elmslie      download pdf     

Willy Nilly                                                                                                               161

                Marglin, Radford and Fullbrook     download pdf




Issue 52 - 10 March 2010


Pragmatism versus economics ideology: China versus Russia                   2

David Ellerman      download pdf

Racism and Economics

                Free enterprise and the economics of slavery                                 28

                Marvin Brown      download pdf

                Why some countries are poor and some rich                                  40

                     - a non-Eurocentric view

                Deniz Kellecioglu      download pdf


Declaring victory at half time                                                                              54

Steve Keen      download pdf

Modern finance, methodology and the Global Crisis                                     69

Esteban Pérez Caldentey and Matías Vernengo      download pdf

A Keynes moment in the Global Financial Collapse                                       82

Thodoris Koutsobinas      download pdf

Tragedy, law, and rethinking our financial markets                                       100

David A. Westbrook      download pdf

Whither economics? What do we tell the students?                                                     112

Peter Radford      download pdf



Issue 51 - 1 December 2009


Inequality as policy: The United States Since 1979                                                           2

John Schmitt      download pdf

Global commons and common sense                                                                              10

Jorge Buzaglo      download pdf

Managerialism and the demise of the Big Three                                                             28

Robert R Locke      download pdf

The demise of neoliberalism?                                                                                            48

Bill Lucarelli      download pdf

Money manager capitalism and the global financial crisis                                            55

L. Randall Wray      download pdf

IMF’s policies during the world recession                                                                        70

Mark Weisbrot      download pdf

A man for this season? Keynes                                                                                         76

Walden Bello      download pdf

Economic theory and the crisis                                                                                         80

Alan Kirman      download pdf



Issue 50 - 8 September 2009


What is Minsky all about, anyway?          3

Korkut Ertürk and Gökcer Özgür      download pdf

The policy implications of the General Theory           16

Geoff Tily       download pdf      

Ecological macroeconomics: Consumption, investment, and climate change          34

Jonathan M. Harris     download pdf

Peak oil – coming soon but when?          48

Lewis L. Smith      download pdf


The financial crisis - Part V

America ’s exhausted paradigm:          52   
Thomas I. Palley   download pdf       

It’s that “vision” thing          75

Jan Kregel        download pdf    

  Efficient market theory vs. Keynes’s liquidity theory          85

Paul Davidson      download pdf     

Crisis in the heartland: Consequences of the New Wall Street System          101

Peter Gowan       download pdf  


How should the collapse of the world financial system affect economics? - Part III

It is agreed that the current economic crisis has shown that the standard models of academic economics are seriously wanting. Should the main emphasis of reform be on developing new formal models or to an opening up of economics to methods other than traditional modelling?

                The Dahlem Group on Economic Modeling       download pdf         118      

                Tony Lawson      download pdf          122         

Economists and economics: What does the crisis tell us?          132          

Luigi Spaventa       download pdf

Mainstream economics and Iceland 's economic collapse          143

Gunnar Tómasson      download pdf   

Goodbye, homo economicus          151

Anatole Kaletsky      download pdf




Issue 49 - 12 March 2009


How should the collapse of the world financial system affect economics? - Part II

Mad, bad, and dangerous to know

Steve Keen      download pdf     2

A financial crisis on top of the ecological crisis:
Ending the monopoly of neoclassical economics

Peter Söderbaum      download pdf     8

Toward a new sustainable economy

Robert Costanza      download pdf     20

After the bust: The outlook for macroeconomics and macroeconomic policy

Thomas I. Palley     download pdf     22

A non-formal look at the non-formal economy

Sean Mallin     download pdf     36


The financial crisis - Part IV

The triumph – and costs – of greed (Part I)

Clive Dilnot      download pdf     42

Statement to the U.S. House of Representatives

James K. Galbraith     download pdf     62

Lawson’s reorientation

Edward Fullbrook     download pdf     73


The real dirt on happiness economics:
     A reply to ‘The unhappy thing about happiness economics’

Dan Turton     download pdf     83

Reply to Dan Turton

Helen Johns and Paul Ormerod     download pdf     91




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Editor: Edward Fullbrook

Associate Editor: Jamie Morgan


Board of Editors  

Nicola Acocella, Italy, University of Rome 

Robert Costanza, USA, Portland State University

Wolfgang Drechsler, Estonia, Tallinn Uni.of Technology 

Kevin Gallagher, USA, Boston University   

Jo Marie Griesgraber, USA, New Rules for Global

Finance Coalition   

Bernard Guerrien,  France, Uni. Paris 1 Panthéon 

Michael Hudson, USA, Uni. of Missouri at Kansas City   

Frederic S. Lee, USA, Uni. of Missouri at Kansas City  

Anne Mayhew, USA, University of Tennessee  

Gustavo Marqués, Argentina, Universidad de Buenos Aires

Julie A. Nelson, USA, Uni. of Massachusetts, Boston

Paul Ormerod, UK, Volterra Consulting  

Richard Parker, USA, Harvard University  

Ann Pettifor, UK, Policy Research in Macroeconomics  

Alicia Puyana, Mexico, Latin Am. School of Social Sciences

Jacques Sapir, France, École des hautes études en

sciences sociales

Peter Söderbaum, Sweden, School of Sustainable

Development of Society and Technology 

Peter Radford, USA, The Radford Free Press  

David Ruccio, USA, Notre Dame University

Immanuel Wallerstein, USA, Yale University  


PAST CONTRIBUTORS: James Galbraith, Frank Ackerman, André Orléan, Hugh Stretton, Jacques Sapir, Edward Fullbrook, Gilles Raveaud, Deirdre McCloskey, Tony Lawson, Geoff Harcourt, Joseph Halevi, Sheila C. Dow, Kurt Jacobsen, The Cambridge 27, Paul Ormerod, Steve Keen, Grazia Ietto-Gillies, Emmanuelle Benicourt, Le Movement Autisme-Economie, Geoffrey Hodgson, Ben Fine, Michael A. Bernstein, Julie A. Nelson, Jeff Gates, Anne Mayhew, Bruce Edmonds, Jason Potts, John Nightingale, Alan Shipman, Peter E. Earl, Marc Lavoie, Jean Gadrey, Peter Söderbaum, Bernard Guerrien, Susan Feiner, Warren J. Samuels, Katalin Martinás, George M. Frankfurter, Elton G. McGoun, Yanis Varoufakis, Alex Millmow, Bruce J. Caldwell, Poul Thøis Madsen, Helge Peukert, Dietmar Lindenberger, Reiner Kümmel, Jane King, Peter Dorman, K.M.P. Williams, Frank Rotering, Ha-Joon Chang, Claude Mouchot, Robert E. Lane, James G. Devine, Richard Wolff, Jamie Morgan, Robert Heilbroner, William Milberg, Stephen T. 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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. 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Heikki Patomäki, Romar Correa





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.” 
Joseph Stiglitz


"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.”
Mark Blaug


“. . . 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 . . .”
Peter Söderbaum


“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.” 
Emmanuelle Benicort


“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.”
Le Mouvement Autisme-Économie


“. . . mainstream economists seek knowledge through numbers to stop the messy reality of people, processes and politics dirtying their invisible hands.” 
Alan Shipman


“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.”
André Orléan

 “The Taliban, and its variety of fundamentalist thinking, has been the most controlling and oppressive regime with regard to women in contemporary times.  Contemporary academic economics, and contemporary global economic policies, are gripped by other rigidities of thinking – what George Soros has dubbed ‘market fundamentalism.’  Fantasies of control are operative in both phenomena, and gender is far from irrelevant to understanding their power, and their solution.”
Julie A. Nelson


“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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