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Real-World Economics Review

The price of economics

from Peter Radford Thank you Mariano Torras. You said the following in a letter to the Financial Times: “I would venture that there is a professional motive for perpetuating — through the use of elegant and abstract models — the fantasy that economics is a science.  The prestige, the stature and influence that such a myth permits is undeniable.  Yet, far more perniciously, the ostensible neutrality of “economic science” provides seemingly unshakeable ideological cover against critics who...

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Liz Truss. Or: how not to pay for the war

The Dutch September HICP inflation rate was 17,1%. One year ago it was 3,0%. Below, I will argue that this is a sign of kind of war economy, not of a cyclically overheated economy. Ways to mitigate inflation were pioneered by the English economist John Maynard Keynes in his ‘How to pay for the war‘. it’s useful to go back to his ideas. The first version was published in three parts in The Times of november 1939. It was partly based on his experiences in World War I and partly on the...

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Uncertainty

from Lars Syll It may be argued … that the betting quotient and credibility are substitutable in the same sense in which two commodities are: less bread but more meat may leave the consumer as well off as before. If this were, then clearly expectation could be reduced to a unidimensional concept … However, the substitutability of consumers’ goods rests upon the tacit assumption that all commodities contain something — called utility — in a greater or less degree; substitutability is...

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new issue of real-world economic review

real-world economic review issue no. 101   –   September 2022download whole issue Two conceptions of the nature of money Tony Lawson          2 How power shapes our thoughtsAsad Zaman         20 SARS-CoV-2: The Neoliberal VirusImad A. Moosa          27 The giant blunder at the heart of General Equilibrium TheoryPhilip George          38 A life in development economics and political economy: An interview with Jayati GhoshJayati Ghosh and Jamie Morgan          44 John Komlos and the...

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China is the world’s largest economy: Get over it

from Dean Baker It is common for politicians and pundit types to speculate on when or whether China’s economy will pass the US economy as the world’s largest. The latest episode to cross my path was a column by David Wallace in the New York Times. There is little reason for this sort of speculation. China is already the world’s largest economy, its economy is more than 20 percent larger than the US economy, according to the IMF. Furthermore, it is growing considerably more rapidly...

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The danger of teaching the wrong thing all too well

from Lars Syll It is well known that even experienced scientists routinely misinterpret p-values in all sorts of ways, including confusion of statistical and practical significance, treating non-rejection as acceptance of the null hypothesis, and interpreting the p-value as some sort of replication probability or as the posterior probability that the null hypothesis is true … It is shocking that these errors seem so hard-wired into statisticians’ thinking, and this suggests that our...

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Weekend read – The big myth on inequality: it just happened

from Dean Baker The standard line in policy circles about the soaring inequality of the last four decades is that it is just an unfortunate outcome of technological change. As a result of technological developments, education is much more highly valued and physical labor has much less value. The drop in relative income for workers without college degrees is unfortunate and provides grounds for lots of hand wringing and bloviating in elite media outlets, but hey, what can you do?...

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Byron Nelson vs. Braswell – Texas High School Football

Byron Nelson vs. Braswell - Texas High School Football 9/9/2022 7:00:00 PM Watch Live : https://www.youtube.com/redirect?q=https://best.inewshighschool.com/hs-football.php?live=Byron%20Nelson%20%20vs.%20Braswell%20 The Braswell (Little Elm, TX) varsity football team has a home non-conference game vs. Byron Nelson (Trophy Club, TX) on Friday, September 9 @ 7p. Bobcat @ Bengals Thanks For Watching!!..... ====================================================== Disclaimer :- Note: - Full Credit...

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Royal vs. Othello – Washington High School Football

Royal vs. Othello - Washington High School Football 9/9/2022 7:00:00 PM Watch Live : https://www.youtube.com/redirect?q=https://best.inewshighschool.com/hs-football.php?live=Royal%20%20vs.%20Othello%20 The Othello (WA) varsity football team has a home non-conference game vs. Royal (Royal City, WA) on Friday, September 9 @ 7p. Knights @ Huskies Thanks For Watching!!..... ====================================================== Disclaimer :- Note: - Full Credit to Owners. All Images, Picture,...

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Trinity Episcopal vs. Collegiate – Virginia High School Football

Trinity Episcopal vs. Collegiate - Virginia High School Football 9/9/2022 7:00:00 PM Watch Live : https://www.youtube.com/redirect?q=https://best.inewshighschool.com/hs-football.php?live=Trinity%20Episcopal%20%20vs.%20Collegiate%20 The Collegiate (Richmond, VA) varsity football team has a home conference game vs. Trinity Episcopal (Richmond, VA) on Friday, September 9 @ 4p. Titans @ Cougars Thanks For Watching!!..... ====================================================== Disclaimer :-...

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