Real-World Economics Review

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from Asad Zaman In a previous posts Preface to Radical Statistics and Why an Islamic Approach to Statistics?, I have explained how we can develop a new approach to statistics, which rejects a century of developments based on a methodology created by Sir Ronald Fisher, father of modern statistics. It is my hope that this will be a disruptive technology – it will eventually sweep away the entire structure of knowledge which has been built up under this name, and replace it with a radically...

from David Ruccio This was supposed to be the great reset. As the U.S. economy recovered from the Pandemic Depression, millions of jobs were being created, unemployment was falling, and the balance of power between workers and capitalists would shift toward wage-earners and against their employers. That, at least, was the promise (or, for capitalists, the fear). But greedflation has delivered exactly the opposite: workers’ real wages are barely rising while corporate profits are soaring....

from Lars Syll Science is made possible by the fact that there are structures that are durable and independent of our knowledge or beliefs about them. There exists a reality beyond our theories and concepts of it. Contrary to positivism, yours truly would as a critical realist argue that the main task of science is not to detect event-regularities between observed facts, but rather to identify and explain the underlying structures/forces/powers/ mechanisms that produce the observed...

The highest CO2 Polluters per capita are dominated by oil producing countries who refine oil and emit CO2 in the oil extraction and refining process.

from Peter Soderbaum Climate change is perhaps the most threatening aspect of the ecological crisis but not the only one. Reduced biological diversity, reduced water availability and deteriorating water quality in some regions exemplify other relevant dimensions. On the financial side, the ‘market mechanism’ has been unable to come up to expectations. How can these problems be understood? Many factors have certainly contributed but in my judgment neoclassical economics as disciplinary...

from David Ruccio Inflation continues to run hot—and now, finally, the debate about inflation is heating up. On one side of the debate are mainstream economists and lobbyists for big business, the people Lydia DePillis refers to as having a simple mantra: “Supply and demand, Economics 101.” In their view, inflation is caused by supply and demand in the labor market, which is allowing workers’ wages to increase at an unsustainable rate (a story that, as I showed in April, has no validity),...

Join me as I chat with Dean Baker, economist and co-founder of the Center for Economic and Policy Research, all about what is going on with the economy! He gives us the low-down about what is going on in a way that even I can understand and I still call stocks "stonks" based on the internet meme. We dive into inflation, oil prices, the crypto crash, federal interest rates, and so much more. Are we headed towards another recession? Listen to find out! Apologies for the video...

from Lars Syll This critique goes beyond the narrowly technical — that the workhorse neoclassical model of the economy was found to be lame when it came to running a real crisis race. The deeper critique is that these models, and the technical language that accompanies them, have played a role in policy and in society that has been disproportionate in two senses. First, disproportionate relative to our state of knowledge. Existing economic frameworks have shouldered a policy weight that...

from Lars Syll In the real world, it’s my impression that almost all the mediation analyses that people actually fit in the social and medical sciences are misguided: lots of examples where the assumptions aren’t clear and where, in any case, coefficient estimates are hopelessly noisy and where confused people will over-interpret statistical significance … So how to do it? I don’t think traditional path analysis or other multivariate methods of the...