Real-World Economics Review

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...

from Lars Syll The experiment reported here was designed to reflect the fact that revealed preference theory is concerned with hypothetical choices rather than actual choices over time. In contrast to earlier experimental studies, the possibility that the different choices are made under different preference patterns can almost be ruled out. We find a considerable number of violations of the revealed preference axioms, which contradicts the neoclassical theory of the consumer maximising...

from C. P. Chandrasekhar Carbon prices in the European Union (EU), or the value of one unit of an EU allowance (EUA) that gives the holder the right to emit one tonne of carbon dioxide (or its equivalent of other greenhouse gasses), are soaring. From 33.69 euros per tonne at the beginning of the year, the prices of EUAs traded through the EU’s emission trading system (ETS) had risen to a high of 62.75 euros on September 9, or by more than 80 per cent. Since the ETS was created to generate...

Meet Rhodes' new Assistant Principal, Mrs. Christine Baker!