Real-World Economics Review

from Lars Syll Ninety years ago Keynes could congratulate Great Britain on finally having got rid of the biggest ”barbarous relic” of his time — the gold standard. He lamented that advocates of the ancient standard do not observe how remote it now is from the spirit and the requirement of the age … [T]he long age of Commodity Money has at last passed away before the age of Representative Money. Gold has ceased to be a coin, a hoard, a tangible claim to wealth … It has become a much more...

from Andri Stahel  and RWER current issue  What does modern economics have in common with medieval theology? At a first glimpse, very little. After all, economics presents itself as a science, based on the same mathematical principles and ideals of objectivity and empiricism on which mechanical physics is grounded and which, as is known, replaced medieval theological description of reality. Moreover, they apply to different subjects: heavenly, spiritual matters for theology, earthly...

from Dean Baker Paul Krugman’s column this morning raises the issue of whether China is on the edge of seeing a real estate bubble burst, in the same way that Japan saw its real estate and stock bubble burst in 1990. Krugman points out that this did lead to slower growth for Japan, but it was not an economic catastrophe, as it still saw rises in GDP, relative to its working age population, that were comparable to the U.S. (I would add that one reason why Japan did not see more GDP growth...

from Lars Syll Macroeconomic models may be an informative tool for research. But if practitioners of ‘New Keynesian’ macroeconomics do not investigate and make an effort of providing a justification for the credibility of the assumptions on which they erect their building, it will not fulfill its tasks. There is a gap between its aspirations and its accomplishments, and without more supportive evidence to substantiate its claims, critics will continue to consider its ultimate argument as...

Economist Dean Baker discusses China's new ban on cryptocurrency transactions and looks at the pharmaceutical industry’s ironclad grip on American politics. Subscribe to the channel and hit the like button! Subscribe to Jacobin for just $10: https://jacobinmag.com/subscribe/?code=JACOBINYT Music provided by Zonkey: https://linktr.ee/zonkey Full livestream (members): https://youtu.be/j9BiOlFCMCQ

Economist Dean Baker looks at whether the ongoing labor shortage signals a positive shift for workers, and discusses the national debt and the fight over the reconciliation bill. Subscribe to the channel and hit the like button! Subscribe to Jacobin for just $10: https://jacobinmag.com/subscribe/?code=JACOBINYT Music provided by Zonkey: https://linktr.ee/zonkey

from Jayati Ghosh Climate change is posing immediate threats to humanity, and indeed to all living organisms on the planet, in extreme weather events across the globe. Other environmental stresses include rising water levels or falling water tables, desertification and salination. Agriculture—especially industrial agriculture requiring chemical inputs—is cause and victim of these changes. Cultivation patterns such as mono-cropping, with heavy reliance on groundwater and chemical inputs,...

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download whole issue Has economics become a new theology?           2Andri W. Stahel Beyond dollar creditocracy: A geopolitical economy           20Radhika Desai and Michael Hudson A black-swan shock exposes the deep fissures, endemic imbalances, and structural weaknesses of the U.S. economy           40John Komlos Fuck the market           62Terry Hathaway The ritual of capitalization           78Blair Fix Economic hypocrisies in the pandemic age           96Raphael Sassower The politics...

Welcome to Niagara College - Toronto. This week, we interviewed Dr. Donald Baker, Dean of Business and Hospitality for the Niagara College - Toronto Programs. Dr. Baker has been involved in higher education for at least 60 years and he is extremely excited by the partnership between the Toronto School of Management and Niagara College. Dr. Baker said, "This partnership is an innovative way to bring people into the country. International students can earn a Canadian educational...