Real-World Economics Review

from Asad Zaman In a previous post on “ABC’s of MMT”, I explained the basics of MMT as a preliminary to a critique of Raghuram Rajan’s article on “How Much Debt is Too Much?”. A significant part of the discussion on this post consisted of debates over words and their meanings. My use of words like assets, savings, wealth, liability, and debt was contested, and alternative usages were offered. It seems necessary to pause for a discussion of these terminological confusions, prior to going...

from Lars Syll The proposition is about as outlandish as it sounds: Everything we know about modern economics is wrong. And the man who says he can prove it doesn’t have a degree in economics. But Ole Peters is no ordinary crank. A physicist by training, his theory draws on research done in close collaboration with the late Nobel laureate Murray Gell-Mann, father of the quark … His beef is that all too often, economic models assume something called “ergodicity.” That is, the average of...

from Lars Syll We seek to promote an approach to RCTs that is tentative in its claims and that avoids simplistic generalisations about causality and replaces these with more nuanced and grounded accounts that acknowledge uncertainty, plausibility and statistical probability … Whilst promoting the use of RCTs in education we also need to be acutely aware of their limitations … Whilst the strength of an RCT rests on strong internal validity, the Achilles heel of the RCT is external validity...

from Dean Baker You don’t have to look far, it’s literally the first sentence in a Bloomberg piece on dollar policy under incoming Treasury Secretary Janet Yellen. “Janet Yellen once touted the benefits of a weaker greenback for exports, but as the incoming Treasury secretary, she faces pressure to return the U.S. to a “strong-dollar” policy — and may cause trembles on Wall Street if she doesn’t.” For folks who don’t know, the vast majority of U.S. stock is held by the richest 10 percent...

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The worldwide distribution of the COVID-19 vaccines exposes the immorality of our current economic system. Dr. Dean Baker sheds important light. --- Join this channel to get member's only live streams & other perks: https://bit.ly/3nnJ8TZ --- #DeanBaker #COVID19 #Vaccine #PoliticsDoneRight --- **Follow Our Work (Subscribe/Like/Follow): ► Twitter: https://twitter.com/egbertowillies (@egbertowillies) ► Instagram: https://instagram.com/ourpoliticsdoneright (@ourpoliticsdoneright) ►...

from Asad Zaman This is a review and a summary of some of the key arguments presented by Mian and Sufi in their recent book “House of Debt.” It highlights the contribution of Mian and Sufi by showing how they have solved the mystery of why there was a huge drop in aggregate demand during the Great Depression of 1929 and also following the recent Global Financial Crisis of 2007-8. The article shows how major economists like Keynes, Friedman, Lucas and others tried and failed to provide an...

Powered by Restream https://restream.io/ Dr. Dean Baker sheds important light on the COVID-19 vaccine economics. Fox News backtrack voter machines, & autocrat Trump exposed.

Please click here to support this open access journal and the WEA Vol 9, No 2, 2020 Table of contents Consensus and Dissention among Economic Science Academics in Mexico Jorge L. Andere, Jorge Luis Canché-Escamilla, Álvaro Cano-Escalante 1 – 23 Economics’ Wisdom Deficit and How to Reduce It John F. Tomer 24 – 37 The Self According to Others: Explaining Social Preferences with Social Approbation Oswin Krüger Ruiz 38 – 54 What can Economists Learn from Deleuze? Abderrazak...