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and Jonathan Nitzan 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 |
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journals Economic Thought and WEA Chronicles Click here to subscribe for free and download current issue Index Part 3 Issue no. 72 - 30 September 2015 Income inequality
in the U.S. from 1950 to 2010: The neglect of the political
2 Holger Apel download
pdf A never ending recession? The vicissitudes of economics and economic
policies 16 Alicia Puyana download
pdf Capital
accumulation: fiction and
reality 47 Shimshon Bichler and Jonathan Nitzan download
pdf Amartya Sen and the media 69 John Jeffrey Zink download
pdf A critique of
Keen on effective demand and changes in debt
96 Severin Reissl download
pdf Commodities do
not produce commodities: Christian Flamant download
pdf Economic
consequences of location: Integration and crisis recovery
reconsidered 135 Rainer Kattel download
pdf Global production shifts, the transformation of finance 147 Esteban Perez Caldentey
download
pdf Fight against unemployment: Rethinking public works programs 174 Amit Bhaduri,
Kaustav Banerjee, Zahra Karimi Moughari download
pdf Board of Editors, past contributors,
submissions and etc. 186 Issue no. 71 - 28 May 2015 Two proposals for creating a parallel
currency in Greece A program
proposal for creating a complementary currency in Greece 2 Updated proposal
for a complementary currency for Greece 12 China`s communist-capitalist ecological
apocalypse 19 Trends in US income
inequality 64 Pavlina R. Tcherneva
download
pdf The market economy: Theory, ideology and
reality 75 Explaining money creation by commercial
banks 92 Realist Econometrics? - Nell and Errouaki`s, Rational Econometric Man 112 Jamie Morgan download
pdf Who does the state work for? - Geopolitics
and global finance 124 Board of Editors, past contributors,
submissions and etc. 140 Issue no. 70 - 19 February 2015 The euro area`s secular stagnation and what can be done about it 2 Leon Podkaminer download
pdf Six core assumptions for a new conceptual framework for economics 17 Gustavo Marques download
pdf The Federal Reserve and shared prosperity 27 Thomas Palley download
pdf Still about oil? 49 Shimshon Bichler
and Jonathan Nitzan download
pdf A monetary case for value-added negative tax 80 Michael Kowalik download
pdf Did globalisation stimulate increased inequality?
92 Mohammad Muaz Jalil download
pdf A
population perspective on the steady state economy 106 Herman Daly download
pdf Money and Say's law: On the macroeconomic models of Kalecki,
Keen and Marx 110 Jose A. Tapia download
pdf Asymmetric information, critical information and the information
interface 121 Patrick Spread download
pdf Productivity decline in the Arab world 140 Ali Kadri download
pdf From TREXIT to GREXIT?
- Quo vadis hellas? 161 Claude Hillinger download
pdf Board of Editors, past contributors, submissions and etc.
164 issue no. 69 - 7
October 2014 The Piketty
phenomenon and the future of
inequality 2 Robert
Wade download pdf Egalitarianism`s latest foe
18 Piketty and the limits of marginal productivity
theory 36 Piketty`s determinism?
44 Piketty`s global tax on
capital 51 Reading Piketty in
Athens 58 Pondering Mexican hurdles while reading Capital in the XXI
Century 74 Piketty`s inequality and local versus global Lewis turning
points 89 The growth of
capital 100 Piketty vs. the classical economic
reformers 122 Is Capital in the Twenty-first century Das Kapital
for the twenty-first
century? 131 Piketty and the resurgence of patrimonial
capitalism 138 Unpacking the first fundamental
law 145 Capital and capital: The second most fundamental
confusion 149 Piketty`s policy proposals: How to effectively redistribute
income 161 Piketty: Inequality, poverty and managerial
capitalism 167 Capital in the Twenty-First Century: Are we doomed
without a wealth tax?
175 Board of Editors, past contributors, submissions and etc.
181 issue no. 68 - 21
August 2014 Monetary
policy in the US and the EU after quantitative easing 2 Thomas Palley download pdf Processes
vs. mechanisms and two kinds of rationality 10 Gustavo Marques download pdf A systems
and thermodynamics perspective on technology in the circular economy Crelis F. Rammelt
and Phillip Crisp download pdf 25 Back where
we started from: the Classics to Keynes, and back again 41 Roy H Grieve download pdf Demand
theory is founded on errors 62 Jonathan Barzilai download pdf The central
bank with an expanded role in a purely electronic monetary system 66 Trond Andresen download pdf Financialization,
income distribution and social justice:
74 Recent
German and American experience Robert R Locke download pdf Recovering
Adam Smith's ethical economics 90 Thomas R. Wells download pdf The human
element in the New Economics 98 Neva Goodwin download pdf Placing economists' analyses of
antidumping in an antitrust context 119 John B. Benedetto download pdf Board of
Editors, past contributors, submissions and etc. 147 issue no. 67 - 9 May 2014 Loanable
funds vs. endogenous money: Krugman is wrong, Keen is right 2 Egmont Kakarot-Handtke download
pdf Why DSGE
analysis cannot accurately model financial-real sector interaction 17 Evaluating
the costs of growth 41 Climate
change, carbon trading and societal self-defence 52 Max Koch download pdf Supply
and demand models - the impact of framing 67 Stuart Birks download pdf Excess
capital and the rise of inverted fascism: an historical approach 78 What
is the nature of George Soros' INET? 90 Public
debt crises in Latin American and Europe: A comparative analysis 97 Reconciling
homo-economicus with the biological
evolution of homo-sapiens 117 Taddese Mezgebo download pdf Ordinal utility and the traditional theory of
consumer demand: response to Barzilai Donald Katzner download pdf 130 Book
review essays The capitalist
algorithm: Reflections on Robert Harris' The Fear Index 137 Jonathan Nitzan and Shimshon Bichler download
pdf The accidental controversialist: deeper reflections on Thomas
Piketty’s Capital 143 Thomas I. Palley download pdf Board of Editors, past contributors,
submissions and etc. 147 issue no. 66 - 13 January 2014 Secular stagnation and endogenous money Micro versus Macro On facts and values: a critique of the fact value
dichotomy Modern Money Theory and New Currency Theory: A comparative
discussion Fama-Shiller, the
Prize Committee and the 'Efficient Markets Hypothesis' How capitalists learned to stop worrying and love the
crisis Two approaches to global competition: A historical
review Dimensions of real-world competition: A critical realist
perspective Information economics as mainstream economics and the
limits of reform The A capability matrix: GDP and the economics of human
development Open access vs. academic power Interview with Edward Fullbrook on Book review of The Great Eurozone
Disaster: From Crisis to Global New Deal Comment: Romar Correa on 'A Copernican Turn in Banking
Union', by Thomas
Mayer Editorial Board, Submissions, past contributors, and etc.
149 Instant comments - You may post comments on papers in this issue on the Real-World Economics
Review Blog issue 65 - 27
September 2013 Regression and causation: a critical
examination of econometrics
textbooks 2 Diagrammatic
economics 21 A plea for reorienting philosophical
attention from models to applied
economics 30 A Copernican turn in banking union
urgently needed 44 A monetary and fiscal framework The experience of three crises: Global output growth: wage-led rather
than profit-led? 116 Striking it richer: the evolution of
top incomes in the United
States 120 New Paradigm
Economics 129 Past contributors, submissions and etc. 132 Instant comments - You may post
comments on papers in this issue on the Real-World Economics Review Blog issue 64 - 2 July 2013
Is it a bubble?
download
pdf
2 Steve Keen -
A bubble so big we can't even see
it download
pdf
3 Dean Baker -
Are the bubbles back? download
pdf
11 Ann Pettifor - The next crisis
download
pdf
15 Michael
Hudson - From the bubble economy to download
pdf
21 Rethinking
economics using complexity
theory 23 The
fate of Keynesian faith in Joseph's
countercyclical moral 52 A
constructive critique of the Levy sectoral financial balance
approach 59 Capturing
causality in economics and the limits of statistical inference
81 Money as gold versus money as
water 90 Constant
returns to scale: Can the competitive economy exist 102 Reassessing
the basis of corporate business performance
110 Capitalism
and the destruction of life on Earth
125 Past
contributors, submissions and etc.
152 Issue 63 - 25 March 2013 The veil of deception over
money 2 Ultra easy monetary
policy and the law of unintended
consequences 19 Civilizing
capitalism 57 Looking at the right metrics in the right way - Two kinds
of models 73 Crisis and methodology: Some heterodox
misunderstandings 98 Inapplicable operations on ordinal, cardinal, and expected
utility 118 Reduced work hours as a means of slowing climate change
124 Electronic money and Modern Monetary
Theory 135 Productivity, unemployment and the Rule of
Eight 142 What I would like economic majors to
know 147 Past, contributors, submissions and etc. 155 Issue 62 - 15 December 2012 A radical
reformation of economics education 2 To observe or
not to observe: Trend,
randomness, and noise: Exogenous vs.
endogenous 29 Yinan Tang, Wolfram Elsner, Torsten
Heinrich, Ping Chen Rational expectations - a fallacious
foundation 34 Rethinking
economics: Logical gaps - empirical to the real
world 51 Laboratory
experimentation in
economics 68 Some
developments in the economic scientific
community 83 Economy and Society The Fiscal
Cliff - Lessons from the 1930s (Report to US Congress)
98 Breakdown of
the capacity for collective agency:
112 Surviving
progress: Managing the collective risks of civilization
121 Financial
capitalism - at odds with
democracy 132 A hot wheels
idea for looking at the
distribution 160 Past
Contributors, etc. 170 Issue 61 - 26 September 2012 The optimal material
threshold: Toward an economics of sufficiency 2 The normative foundations of scarcity 22 Asad
Zaman download
pdf Degrowth, expensive oil, and the new economics of energy 40 Samuel Alexander download
pdf Nash dynamics of the wealthy, powerful, and privileged: 52 L. Frederick Zaman download
pdf Capital as
power: Toward a new cosmology of capitalism 65 Shimshon Bichler and Jonathan Nitzan download
pdf A warrant for
pain: 85 Caveat emptor vs. the duty of care in American medicine Avner Offer download
pdf Reassessing the basis of economics: 100 From Adam Smith to Carl von Clausewitz Robert R Locke download
pdf Mankiw’s attempted
resurrection of marginal productivity theory 115 Fred
Moseley download
pdf The evolution of economic theory: 125 And some implications for financial risk management Patrick Spread download
pdf More on why we should bury the neoclassical theory 137 of the return on capital Roy Grieve download
pdf Past Contributors, etc.
147 |
Membership in
the
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
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Sheila C. Dow, Kurt Jacobsen, The Cambridge 27, Paul Ormerod,
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Harris, Thomas I. Palley, Jan Kregel,
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Peter Radford, Paul A. David, Richard Smith, Russell Standish,
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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.” "Existing economics is a theoretical [meaning mathematical] system
which floats in the air and which bears little relation to what happens in
the real world” Ronald Coase " We live in an uncertain and ever-changing world that is
continually evolving in new and novel ways.
Standard theories are of little help in this context. Attempting to understand economic,
political and social change requires a fundamental recasting of the way we
think” Douglass North "Page after page of professional economic journals are filled with
mathematical formulas […] Year after year economic theorists continue to
produce scores of mathematical models and to explore in great detail their
formal properties; and the econometricians fit algebraic functions of all
possible shapes to essentially the same sets of data” Wassily Leontief " Today if you ask a mainstream economist a question about almost
any aspect of economic life, the response will be: suppose we model that
situation and see what happens…modern mainstream economics consists of little
else but examples of this process” Robert Solow "Economics
is supposed to be social science, i.e. an intellectual discipline resting
upon empirically-observed facts, in which mathematics and conceptual
frameworks are tools for understanding. But in contemporary mainstream
economics, the tools are often in the driver's seat, declaring evident facts
impossible and reducing the subtleties of the real world to
whatever clockwork economists best know how to build." Ian Fletcher "Modern economics is sick.
Economics has increasingly become an intellectual game played for its own
sake and not for its practical consequences for understanding the economic
world. Economists have converted the subject into a sort of social
mathematics in which analytical rigour is everything and practical relevance
is nothing.” " . . . the close to monopoly position of neoclassical economics is not
compatible with normal ideas about democracy.
Economics is science in some senses, but is at the same time
ideology. Limiting economics to the
neoclassical paradigm means imposing a serious ideological limitation. Departments of economics become political
propaganda centers . . .” " Economics students . . . graduate from Masters and PhD programs with an
effectively vacuous understanding of economics, no appreciation of the
intellectual history of their discipline, and an approach to mathematics that
hobbles both their critical understanding of economics and their ability to
appreciate the latest advances in mathematics and other sciences. A minority of these ill-informed students
themselves go on to be academic economists, and they repeat the process. Ignorance is perpetuated” Steve Keen " The human economy has passed from an “empty world” era in which
human-made capital was the limiting factor in economic development to the
current “full world” era in which remaining natural capital has become the
limiting factor “ Robert Costanza "Most courses deal with an ‘imaginary world,’ and have no link whatsoever
with concrete problems.” " All of these textbooks fail to explain how prices are determined in
‘markets’’ and thus how markets work.
Where do prices come from? Who
determines them? How do they
fluctuate? These questions are never
addressed, even though it is through the price mechanism that the ‘invisible
hand’ is supposed to operate.” " . . . mainstream economists seek knowledge through numbers to stop the
messy reality of people, processes and politics dirtying their invisible
hands.” " Multinationals are everywhere except in economic theories and
economics departments.” Grazia Ietto-Gillies “. . . the economist must engage him or
herself as a citizen with convictions regarding the public good and ways of
treating it, rather than as the holder of universal truth that he or she
substitutes for discussion in order to impose it on us all.”
" There is an urgent need for a more realistic economics of the
environment, with theories and analyses that can help to create
environmentally sustainable economic activity.” Frank Ackerman "Modern economics is not very successful as an explanatory endeavour.
This much is accepted by most serious commentators on the discipline,
including many of its most prominent exponents” Tony Lawson " Because mathematics has swamped the curricula in leading universities
and graduate schools, student economists are neither encouraged nor equipped
to analyze real world economies and institutions.” Geoffrey M. Hodgson " . . . the concepts of uneconomic growth, accumulating illth, and
unsustainable scale have to be incorporated in economic theory if it is to be
capable of expressing what is happening in the world. This is what ecological
economists are trying to do.” Herman E. Daly " The application of mathematics to economics has proved largely
unsuccessful because it is based on a misleading analogy between economics
and physics. Economics would do much better to model itself on another very
successful area, namely medicine, and, like much of medicine, to adopt a
qualitative causal methodology.” Donald Gillies " Economic history courses have been disappearing from classrooms across
the world. Once a compulsory part of economics education, they have been
relegated to the remote corners of ‘options’ and even closed down.” Ha-Joon Chang " In Smith is a forgotten lesson that the foundation of success in
creating a constructive classical liberal society lies in the individuals’
adherence to a common social ethics. According to Smith, virtue serves as
‘the fine polish to the wheels of society’ while vice is ‘like the vile rust,
which makes them jar and grate upon one another.’ Indeed, Smith sought to
distance his thesis from that of Mandeville and the implication that
individual greed could be the basis for social good. Smith’s deistic universe
might not sit well with those of post-enlightenment sensibilities, but his
understanding that virtue is a prerequisite for a desirable market society
remains an important lesson. For Smith ethics is the hero-not self-interest
or greed-for it is ethics that defend social intercourse from the Hobbesian
chaos.” Charles K. Wilber ". . . conventional economics . . . remains fixated on the view that
economics is the physics of society.
In other words, most of the profession behaves as if there were a
single universally valid view of the world that needs only to be applied.” Paul Ormerod
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