Real-World Economics Review

from  Gregory A Daneke and WEA Commentaries As an academic discipline economics has actually been organized to have little use for the concepts of ecology (especially: population biology, systemic science, ethology, natural history or biogeography). With the rise of Neoclassical economics, it was specifically designed to be a sterilized, frictionless, and hermitically sealed void in which to suspend economic activity. But of course, this a-societal, a-political, a-historical enterprise...

I love the national accounts (NA). The NA focus on the money-economy. Total wages (who pays, who receives), profits, imports, exports, consumption, bank credit, the value and ownership of fixed and financial capital and (on the other side of the sectoral balance sheets) debts. By focusing on different kinds of money flows and stocks and by tracking flows between sectors the national accounts enable us to map the relations between economic sectors like construction and industry...

from Dean Baker There have been numerous news articles in recent years telling us that China faces a demographic crisis. The basic story is that the market reforms put in place in the late 1970s, together with the country’s one-child policy, led to many fewer children being born in the last four decades. As a result, the number of current workers entering retirement exceeds the size of the cohorts entering the workforce, leading to a stagnant or declining workforce. This is supposed to be...

Business email: [email protected] Music in the video: -"Mining by Moonlight" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 4.0 License http://creativecommons.org/licenses/by/4.0/ Music wanted!! If you are a music producer and would like me to use your music please email me at [email protected]

from Lars Syll [embedded content]

from C. P. Chandrasekhar and Jayati Ghosh The Covid-19 pandemic operated to expose various global inequalities in their stark form, but it has also further accentuated them at unprecedented scale and speed. The latest World Economic Outlook from the IMF, released in late October 2021, provides further evidence of how the global divide has increased through the course of the pandemic, most of all the gap between advanced economies and the rest of the world. On the face of it, in terms of...

from Lars Syll Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each​ competitor has to pick not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of...

from Richard Norgaard 1 – From material progress to holistic survival and morality The coevolution of economism with the Econocene has led humanity to the brink of disaster. Faith in progress has long been a part of the problem. Actions to stave off climate change have been trimmed and delayed on the presumption that countering environmental destruction has the opportunity cost of foregone human wellbeing through further investments in technology that further increase the production or...

WEA Commentaries Volume 11, Issue 3Download whole issue An egalitarian carbon tax: revenue-neutral and dual policy package     Fausto Corvino WHAT IS ECOLOGY? What Economics Should Have Been     Gregory A Daneke The Theory of Competition of F.A.Hayek as an Inspirer of the Neoliberal Turn of the 1980s     Arturo Hermann Don Webber discusses his book, How to enhance your re- search: 100 practical tips for academics     Ana Luíza Matos de Oliveira and Magali N. Alloatti...

The post 2009 decade will stand out as a golden age for economic statistics. I do not mean econometric analysis, I mean statistics like asset prices, rents or estimates of inequality and household income. The empirical basis for a truly scientific macro economics has finally become less shaky. On an irregular basis, I will publish some posts on some of the treasure troves which have become available. Here, already one example, based on the recent PhD of Matthijs Korevaar., ”Financial...