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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

Issue no. 97 – 22 September 2021

 

Has economics become a new theology?
Some comments about the practice of modern economists and medieval theologians

Andri W. Stahel

 

2

Beyond dollar creditocracy: A geopolitical economy

Radhika Desai and Michael Hudson

 

20

A black-swan shock exposes the deep fissures, endemic imbalances,
and structural weaknesses of the U.S. economy

John Komlos

 

40

Fuck the market

Terry Hathaway

 

62

The ritual of capitalization

Blair Fix

 

78

Economic hypocrisies in the pandemic age

Raphael Sassower

 

96

The politics of economics:
Post-structuralist discourse theory as a new theoretical perspective for heterodox economics

Shu Shimizu

 

106

Putting Minsky into space: The geography of asset price bubbles in the United States, 1994–2018

John Posey

 

123

How financial bubbles are fueled by money creation a.k.a. bank lending:
An explanation for public education

Ib Ravn

 

143

China, the exception that proves the growthist rule? Richard Smith on China’s contribution to climate emergency 

REVIEW of Smith, R. (2020) China’s Engine of Environmental Collapse. London: Pluto Press

Jamie Morgan

 

155

Board of Editors, past contributors, submissions, etc

.

 

 

Issue no. 96 – 29 July 2021

 

The future: Thanks for the memories 
Jamie Morgan

2

Of Copernican revolutions – and the suddenly-marginal marginal mind
at the dawn of the Anthropocene

Richard Parker

28

Post-economics: Reconnecting reality and morality to escape the Econocene
Richard B. Norgaard

49

What is economics? A policy discipline for the real world 
James K. Galbraith

67

Beyond indifference: An economics for the future 
Lukas Bäuerle

82

Growth through contraction: Conceiving an eco-economy 
William E. Rees

98

Interrogating the holy grail of productivity growth 
Jayati Ghosh

119

Changing role of neoliberalism across the stages of economic development 
Richard C. Koo

127

Consumerism and the denial of values in economics 
Neva Goodwin

151

Beyond the growth imperative and neoliberal doxa
Max Koch, Jayeon Lindellee and Johanna Alkan Olsson

168

Writing forward Georgescu-Roegen’s critique of Marx 
Katharine N. Farrell

184

Three possible new paradigms

Humanistic economics, a new paradigm for the 21st century 
John Komlos

201

A future social-ecological economics 
Clive L. Spash & Adrien O.T. Guisan

220

Oikonomics: towards a new paradigm in economics 
Andri W. Stahel

234

Economics 999
Edward Fullbrook

256

Board of Editors, past contributors, submissions, etc.

261

 

 

Issue no. 95 – 22 March 2021

Is a capitalist steady-state economy possible? Is it better in socialism?

Theodore P. Lianos

2

The “ideal market” as a normative figure of thought. Analysing the reasoning of the World Bank pro land grabbing

Tanja von Egan-Krieger

11

The rise of human capital theory

Blair Fix

29

How downward redistribution makes America richer: 

An empirical, “money view” model of spending, wealth concentration, and wealth accumulation

Steve Roth

42

The moral dilemma and asymmetric economic impact of COVID-19

Constantine E. Passaris

62

Pigou and the dropped stitch of economics

Duncan Austin

71

Third world development: the simpler way critique of conventional theory and practice

Ted Trainer  

87

The American Gordian Knot and Alexander the Great is not in sight

John Komlos

103

Unbridgeable: why political economists cannot accept capital as power

Shimshon Bichler and Jonathan Nitzan

109

A modest proposal for generating useful analyses of economies: a brief note

Geoff Davies

118

On the relevance of the Church-Turing Thesis for theoretical economics

Ron Wallace

124

From finance to climate crisis: An interview with Steve Keen

Steve Keen and Jamie Morgan

130

Board of Editors, past contributors, submissions, etc.

148

 

 

 

 

Issue no. 94 -  22 March 2021

 

Alarm. The evolutionary jump of global political economy needed         2
Hardy Hanappi         
download

Neoliberalism must die because it does not serve humanity          27
Nikolaos Karagiannis         
download

Climate arsonist Xi Jinping: a carbon-neutral China with a 6% growth rate?          32
Richard Smith         
download

All the good things a digital euro could do – and all the bad things it will          53
Norbert Häring         
download

Is economics a science?          61
Andri W. Stahel         
download

Private equity and public problems in a financialized world: an interview with Rosemary Batt          83
Rosemary Batt and Jamie Morgan         
download

Macro: understanding quantitative easing          109
Edward Fullbrook         
download

The hemispheres of finance: GDP and non-GDP finance          113
Joseph Huber         
download

The digital twin of the economy: proposed tool for policy design and evaluation          140
Patrick Pobuda         
download

Heterodoxy, positivism and economism.
On the futility of overcoming neoliberalism on positive grounds          149
Ulrich Thielemann         
download

Board of Editors, past contributors, submissions, etc.          186

 

 

Issue no. 93    28 September 2020   

 

Why are the rich getting richer while the poor stay poor?

Andri W. Stahel          download

 

Machina-economicus or homo-complexicus: 

Artificial intelligence and the future of economics?

Gregory A. Daneke          download

 

Maybe there never was a unipower

John Benedetto         download

 

Empirical rejection of mainstream economics’ core postulates –

on prices, firms’ profits and markets structure

Joaquim Vergés-Jaime          download

 

Humanism or racism: pilot project Europe at the crossroads

Hardy Hanappi          download

 

Towards abolishing the institution of renting persons:

A different path for the Left

David Ellerman          download

 

Simpler way transition theory

Ted Trainer          download

 

Book Review

    Degrowth: necessary, urgent and good for you

    Jamie Morgan          download

 

Minimum wages and the resilience of neoclassical labour market economics.

Some preliminary evidence from Germany

Arne Heise          download

 

Prelude to a critique of the Ricardian Equivalence Doctrine

Leon Podkaminer          download

 

Public debt “causing” inflation? Very unlikely

Leon Podkaminer          download

 

Board of Editors, past contributors, submissions, etc.

 

 

Issue no. 92    29 June 2020   

Special Issue The Inequality Crisis

 

The three options: an introduction

Edward Fullbrook          download

 

Rethinking the word economy as a two-block hierarchy

Robert Wade          download

 

Inequality in a time of pandemic

Jayati Ghosh          download

 

The United States of Inequality                        

David Ruccio          download

 

Fixing capitalism: stopping inequality at its source 

Dean Baker          download

 

Inequality challenge in pursued economies

Richard Koo          download 

 

Inequality under globalization: state of knowledge and implications for economics

James Galbraith and Jaehee Choi          download

 

Thomas Piketty’s changing views on inequality  

Steve Pressman          download  

 

Inequality: What we think, what we don’t think and why we acquiesce

Jamie Morgan          download  

 

The art of balance: The search for equaliberty and solidarity                     

Peter Radford          download

 

Globalization, digitization, shareholder capitalism and the summits of contemporary wealth

David A Westbrook          download  

 

Poverty and income inequality: a complex relationship

Victor A. Beker          download 

 

The inequalities that could not happen: What the Cold War did to economics

Erik Reinert          download 

 

I Love You - investing for intergenerational wellbeing

Girol Karacaoglu          download 

 

Inequality in development: the 2030 Agenda, SDG 10 and the role of redistribution

Holger Apel          download

 

Inequality and the case for UBI

Geoff Crocker          download

 

Inequality and morbid symptoms of a financialised system

Ann Pettifor          download

 

Why COVID-19 Is the Great Unequalizer

Marshall Auerback          download

 

Board of Editors, past contributors, submissions, etc.

 

 

Issue no. 91   16 March 2020      download whole issue  

Complexity, the evolution of macroeconomic thought, and micro foundations          2

David Colander          download

 

Models and reality: How did models divorced from reality become epistemologically acceptable?          20

Asad Zaman          download

 

ECONOMICS 101 (editors invite more papers on Economics 101)           45

The value of “thinking like an economist”

Bernard C. Beaudreau          download       

 

An essay on the putative knowledge of textbook economics          53

Lukas Bäuerle         download

 

World population: the elephant in the living room          70

Theodore P. Lianos           download

 

The carbon economy – rebuilding the building blocks of economics and science          83

John E. Coulter          download

 

Breaking the golden handcuffs: recreating markets for tenured faculty          91

M. Shahid Alam          download

 

Reinforcing the Euro with national units of account          102

Gerald Holtham          download

 

Neoliberalism vs. China as model for the developing world          108

Ali Kadri          download

 

Classifying “globally integrated” production firms from a worker/citizen perspective          128

John B. Benedett          download

 

REVIEW ESSAY

Tony Lawson, economics and the theory of social positioning          132

Jamie Morgan          download

 

INTERVIEW

Ecological and feminist economics: an interview with Julie A. Nelson          146

Julie A. Nelson and Jamie Morgan          download

 

Board of Editors, past contributors, submissions, etc.                   154

 

 

Issue no. 90   9 December 2019      download whole issue  

Making America great again          2
Shimshon Bichler and Jonathan Nitzan          download

 

American trade deficits and the unidirectionality error          13
Kenneth Austin           download

 

The “Nobel Prize” for Economics 2019… illustrates the nature and inadequacy of conventional economics
Ted Trainer          download          41

 

Greenwish: the wishful thinking undermining the ambition of sustainable business          47
Duncan Austin          download

 

An evolutionary theory of resource distribution         65    
Blair Fix          download

 

The case for the ontology of money as credit: money as bearer or basis of “value”          98
Phil Armstrong and Kalim Siddiqui          download

 

Cross-current, or change in the direction of the mainstream?          119
Arthur M. Diamond, Jr          download

 

Negative natural interest rates and secular stagnation: much ado about nothing?          126
Leon Podkaminer          download

 

BOOK REVIEW
John Komlos's Foundations of Real-World Economics: What every economics student needs to know
Alan Freeman          download          133

 

INTERVIEW
The importance of ecological economics: An interview with Herman Daly          137
Herman Daly and Jamie Morgan          download

 

Board of Editors, past contributors, submissions, etc.          155

 

 

Issue no. 89  3 October 2019    

Special Issue: Modern monetary theory and its critics

     

 

Introduction: Whither MMT?          2

The editors          download

 

Alternative paths to modern money theory          5

L. Randall Wray          download

 

Initiating a parallel electronic currency in a eurocrisis country – why it would work          23

Trond Andresen          download

 

An MMT perspective on macroeconomic policy space          32

Phil Armstrong          download

 

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

Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell          download          46

 

Are modern monetary theory’s lies “plausible lies”?          62

David Colander          download

 

What is modern about MMT? A concise note          72

Paul Davidson          download

 

Modern monetary theory: a European perspective          75

Dirk H. Ehnts and Maurice Höfgen          download

 

MMT: the wrong answer to the wrong question          85

Jan Kregel          download

 

Modern monetary theory and post-Keynesian economics          97

Marc Lavoie          download

 

Money’s relation to debt: some problems with MMT’s conception of money          109

Tony Lawson          download

 

The sleights of hand of MMT          129

Anne Mayhew          download

 

Tax and modern monetary theory         138

Richard Murphy          download

 

Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics        148

Thomas I. Palley          download

 

MMT and TINA          156

Louis-Philippe Rochon          download

 

Modern monetary theory: is there any added value?          167

Malcolm Sawyer          download

 

The significance of MMT in linking money, markets, sector balances and aggregate demand          180

Alan Shipman          download

 

The political economy of modern money theory, from Brecht to Gaitskell          194

Jan Toporowski          download

 

Board of Editors, past contributors, submissions, etc.          203

 

 

 

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   

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

 

 

                                Index Part 2

 

 

 

 

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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 Pantheon

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

Anne Mayhew, USA, University of Tennessee

Gustavo Marques, 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, Ecole des hautes etudes en

sciences sociales

Peter Soderbaum, 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. Ziliak, Steve Fleetwood, Tony Aspromourgos, Yves Gingras, Ingrid Robeyns, Robert Scott Gassler, Grischa Periono, Esther-Mirjam Sent, Ana Maria Bianchi, Steve Cohn, Peter Wynarczyk, Daniel Gay, Asatar Bair, Nathaniel Chamberland, James Bondio, Jared Ferrie, Goutam U. Jois, Charles K. Wilber, Robert Costanza, Saski Sivramkrishna, Jorge Buzaglo, Jim Stanford, Matthew McCartney, Herman E. Daly, Kyle Siler, Kepa M. Ormazabal, Antonio Garrido, Robert Locke, J. E. King, Paul Davidson, Juan Pablo Pardo-Guerra, Kevin Quinn, Trond Andresen, Shaun Hargreaves Heap, Lewis L. Smith, Gautam Mukerjee, Ian Fletcher, Rajni Bakshi, M. Ben-Yami, Deborah Campbell, Irene van Staveren, Neva Goodwin, Thomas Weisskopf, Mehrdad Vahabi, Erik S. Reinert, Jeroen Van Bouwel, Bruce R. McFarling, Pia Malaney, Andrew Spielman, Jeffery Sachs, Julian Edney, Frederic S. Lee, Paul Downward, Andrew Mearman, Dean Baker, Tom Green, David Ellerman, Wolfgang Drechsler, Clay Shirky, Bjørn-Ivar Davidsen, Robert F. Garnett, Jr., François Eymard-Duvernay, Olivier Favereau, Robert Salais, Laurent Thévenot, Mohamed Aslam Haneef, Kurt Rothschild, Jomo K. S., Gustavo Marqués, David F. Ruccio, John Barry, William Kaye-Blake; Michael Ash, Donald Gillies, Kevin P.Gallagher, Lyuba Zarsky, Michel Bauwens, Bruce Cumings, Concetta Balestra, Frank Fagan, Christian Arnsperger, Stanley Alcorn, Ben Solarz, Sanford Jacoby, Kari Polanyi, P. Sainath, Margaret Legum, Juan Carlos Moreno-Brid, Igor Pauno, Ron Morrison, John Schmitt, Ben Zipperer, John B. Davis, Alan Freeman, Andrew Kliman, Philip Ball, Alan Goodacre, Robert McMaster, David A. Bainbridge, Richard 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, Mariano Torras, C.P. Chandrasekhar, Thanos Skouras, Diego Weisman, Philip George, Stephanie Kelton, Luke Petach, Jørgen Nørgård, Jin Xue, Tim Di Muzio, Leonie Noble, Kazimierz Poznanski, Muhammad Iqbal Anjum, Pasquale Michael Sgro, June Sekera, Michael Joffe, Basil Al-Nakeeb, John F. Tomer, Adam Fforde, Paulo Gala, Jhean Camargo,  Guilherme Magacho, Frank M. Salter, Michel S. Zouboulakis, Prabhath Jayasinghe, Robert A. Blecker, Isabel Salat, Nasos Koratzanis, Christos Pierros, Steven Pressman, Eli Cook, John Komlos, J.-C. Spender, Yiannis Kokkinakis, Katharine N. Farrell, John M. Balder

 

 

 

 

 

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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