Real-World Economics Review

from Ken Zimmerman There are inequalities and then there are inequalities. In any society, some members are taller, smarter, run faster, are better at math, build houses better, etc. than other members. In most societies these are not converted into inequalities in food, clothing, housing, wealth, and the other necessities for staying alive. And they have little effect on one’s status and prestige and power within the society. Durkheim wrote about it. It’s called “division of labor.”...

GDP growth up, stock market up, will the economic expansion continue and who are the winners? Dean Baker and Randall Wray join host Paul Jay Subscribe to our page and support our work at https://therealnews.com/donate.

from Lars Syll In our extended NAIRU model, labor productivity growth is included in the wage bargaining process … The logical consequence of this broadening of the theoretical canvas has been that the NAIRU becomes endogenous itself and ceases to be an attractor — Milton Friedman’s natural, stable and timeless equilibrium point from which the system cannot permanently deviate. In our model, a deviation from the initial equilibrium affects not only wages and prices (keeping the rest of...

from Ken Zimmerman Today there is as much, if not more consensus among scientists about global climate change as there was 300 years ago about the laws of thermodynamics and the laws of motion. Polling shows that majorities of “ordinary” people in the USA, Europe, Asia, etc. accept the conclusions of this science. Yet around the world opposition to the science of climate change is well funded, unyielding, and denies the science at the highest levels of government and science. What...

from C .P. Chandrasekhar and Jayati Ghosh On May 2, the Trump administration brought to an end the waiver the US had granted eight countries, including India, of sanctions on imports of oil from Iran. Having pulled out of the 2015 multi-country agreement with Iran to limit its nuclear programme, the US government had invoked the nuclear threat from that country to impose sanctions. The most damaging element of those sanctions for both Iran and the world’s oil importers was the ban this...

https://magazineuber.blogspot.com/ Jade Baker has just been enrolled in an all-girls Ivy League school; however, she’s having a little trouble fitting in… Jade’s been caught vandalizing, skipping class and even having sex on school property! Jade is called into principle Kylie Kingston’s office to await her punishment.

from Steve Keen The pedagogic pressure from students and the wider community has to be matched by the accelerated development of alternatives to neoclassical economics. Though we know much more today about the innate flaws in neoclassical thought than was known at the time of the Great Depression (Keen 2001), the development of a fully-fledged alternative to it is still a long way off. There are multiple alternative schools of thought extant – from Post Keynesian to Evolutionary and...

from Lars Syll Regarding models as metaphors leads to a radically different view regarding the interpretation of probability. This view has substantial advantages over conventional interpretations … Probability does not exist in the real world. We must search for her in the Platonic world of ideals. We have shown that the interpretation of probability as a metaphor leads to several substantial changes in interpretations and justifications for conventional frequentist procedures. These...

The Federal Reserve (Fed) publishes the Flow of Funds. It has recently made an important addition to these invaluable financial data: quarterly distributional financial accounts. They are more frequent, more detailed and much faster than existing accounts. Why did they do this? For one thing: distributional accounts are not a new idea. As stated in their first footnote (but note the gap between the fifties and 2014): For example, Carroll (2014) cites the need for distributional national...