Real-World Economics Review

download whole issue Why are the rich getting richer while the poor stay poor?      2Andri W. Stahel Machina-economicus or homo-complexicus: Artificial intelligence and the future of economics?      18Gregory A. Daneke Maybe there never was a unipower      40John Benedetto Empirical rejection of mainstream economics’ core postulates – on prices, firms’ profits and markets structure      61Joaquim Vergés-Jaime Humanism or racism: pilot project Europe at the crossroads      76Hardy...

from Asad Zaman This is a sequence of posts on “New Directions in Macroeconomics“, which discusses the numerous directions of research which must be incorporated to create a viable Macroeconomics for the 21st Century. We have previously discussed “Post-Keynesian Economics“, and “Modern Monetary Theory“. This post discusses the necessity of re-incorporating politics into economics. Once we recognize the importance of history and institutions, it becomes clear that economic problems cannot...

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from Norbert Häring The President of the EU-Commission plans to give all EU citizens a European digital identity which can “be used anywhere in Europe to do anything from paying taxes to renting a bike”. She wants to implement for Europe what ID2020, the World Economic Forum, the World Bank and Homeland Security are pushing worldwide – to perfect the automated surveillance of the world’s ppopulation. In Ursula von der Leyen’s speech on the State of the Union on September 16, an important...

Follow on Twitch: https://www.twitch.tv/actdottv Julianna welcomes back recurring guest Dean Baker, macroeconomist and co-founder of the Center for Economic and Policy Research, to discuss how last week an official with China’s Center for Disease Control and Prevention announced it may have a vaccine available for widespread distribution by November or December. But here in the United States, we’d have to wait at least a few months-- probably a lot longer-- to benefit. And that...

from Lars Syll One can generally develop a theoretical model to produce any result within a wide range. Do you want a model that produces the result that banks should be 100% funded by deposits? Here is a set of assumptions and an argument that will give you that result. That such a model exists tells us very little … Being logically correct may earn a place for a theoretical model on the bookshelf, but when a theoretical model is taken off the shelf and applied to the real world, it is...

from Gerald Holtham (originally a comment) The problems of economics as an academic pursuit have a sociological origin. The subject matter of economics is of interest to nearly everyone who lives in a commercial society and has to make a living. Intelligent people develop opinions about it and advance opinions in a way they would not do about astronomy or quantum physics. Similarly every politician has a story about the economic policy to be followed. This situation has created a strong...

from Dean Baker Last week an official with China’s Center for Disease Control and Prevention (CDC) said that the country may have a vaccine available for widespread distribution by November or December. This would almost certainly be at least a month or two before a vaccine is available for distribution in the United States, and possibly quite a bit longer. While we may want to treat statements from Chinese government officials with some skepticism, there is reason to believe that this...