Real-World Economics Review

from Bernard Beaudreau and RWER #91 Economics is both a social and non-social (pure and applied) science, social in its quest to understand human behavior in the realm of goods and services, and non-social in its understanding of material processes – that is, the way in which goods and services (our bread and butter) are produced. It therefore stands to reason that for it to be successful, it must decipher how human beings think, and second, how inanimate material processes behave. It...

real-world economics review Please click here to support this journal and the WEA – Subscribers: 26,420 subscribe RWER Blog ISSN 1755-9472– A journal of the World Economics Association (WEA) 14,468 members, join – Sister open access journals: Economic Thought and WEA Commentaries– WEA Online Conferences back issues issue no. 91 16 March 2020download whole issue Complexity, the evolution of macroeconomic thought, and micro foundationsDavid Colander 2 Models and reality: How did models...

from Lars Syll Why are election polls often inaccurate? Why is racism wrong? Why are your assumptions often mistaken? The answers to all these questions and to many others have a lot to do with the non-ergodicity of human ensembles. Many scientists agree that ergodicity is one of the most important concepts in statistics. So, what is it? Suppose you are concerned with determining what the most visited parks in a city are. One idea is to take a momentary snapshot: to see how many people...

from Fritjof Capra and Hazel Henderson Imagine, it is the year 2050 and we are looking back to the origin and evolution of the coronavirus pandemic over the last three decades.  Extrapolating from recent events, we offer the following scenario for such a view from the future. As we move into the second half of our twenty-first century, we can finally make sense of the origin and impact of the coronavirus that struck the world in 2020 from an evolutionary systemic perspective. Today, in...