Real-World Economics Review

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from Dean Baker There is a story of a football coach who ran running plays near the end of a game, when he clearly should have been passing. Apparently, he had seen data showing that teams that win, on average, run on a certain number of plays. His team was below this number, so he decided that he had to have more runs if his team was going to win. This is a classic case of confusing correlation with causation. (For those not familiar with football, when a team is ahead, it generally uses...

from Lars Syll In mainstream theory, preferences are standardly expressed in the form of a utility function. But although the expected utility theory has been known for a long time to be both theoretically and descriptively inadequate, mainstream economists gladly continue to use it, as though its deficiencies were unknown or unheard of. What most of them try to do in face of the obvious theoretical and behavioral inadequacies of the expected utility theory, is to marginally mend it. But...

Does the switch to Green Energy mean that energy will be cheaper? To answer this question we’ll have to answer several sub-questionsfirst: is there a switch to Green Energy? Is capacity used efficiently? And is Green Energy cheap? As I will argue below, looking at the sub questions the answer to the lead question is: yes. But this answer leads to a related question: above, we’re talking about cost prices, which are down. You might have noticed that consumer prices of energy are up. Who’s...

Will the war in Europe affect availability of wheat, one of the staple foods of the world? One of the economic successes of the last two decades is an increase in the production of wheat which enabled stable average global consumption per capita (at around 68 kg. per year) and a slightly increased used as feed (close to 20% of total production). This was possible because of a surprisingly fast increase of yields per hectare (graph). Source: FAO-AMIS And, of course, because total...

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from C. P. Chandrasekhar While the world remains preoccupied with the geopolitical and humanitarian fallout of the Russian invasion of Ukraine, its economic consequences are increasingly a matter for concern. Though the two countries at war account for less than two and one half per cent of the world’s population, it emerges that the damage to production within their boundaries and the suspension of their trading relationship with rest of the world threatens a crisis in multiple markets,...

Please click here to support this journal and the WEAissue no. 99download whole issue Keynes’, Piketty’s, and an extensive failure index:Introducing maldevelopment indicesJorge Buzaglo and Leo Buzaglo Olofsgård           2 Externalities, public goods, and infectious diseasesSpencer Graves and Douglas Samuelson           25 An essential journey back to the seeds of prosperity in a time of pandemics: Notes for a renewed agenda in development studies Fernando García-Quero and Fernando López...