Real-World Economics Review

from Richard Parker and current issue of RWER So then what might a project for a Post-Neoliberal Economics entail?  Since I think “neoliberalism” as concept and practice represents one more of an ongoing series of ultimately ad hoc justifications for the hierarchic structuring of human societies, and think that the larger concept of “capitalism” contains already many visibly differentiated stages of its own in that long story of hierarchies, here are several modest ideas I’d propose....

Quantitative Easing impacts us all, even we don’t understand it. The Fed starts buying bonds, which lifts the stock market and lifts profits. This only benefits rich people – or does it? Discover how it affects your mortgage, car loans and so much more. ? Subscribe for more clips like this: https://www.youtube.com/user/thomhartmann?sub_confirmation=1 Dean Baker joined Thom explains quantitative easing and why it impacts our pockets. Dean Baker is the Co-Founder & Senior...

from Lars Syll Government deficits always lead to a dollar-for-dollar increase in the supply of net financial assets held in the nongovernment bucket. That’s not a theory. That’s not an opinion. It’s just the cold hard reality of stock-flow consistent accounting. So fiscal deficits — even with government borrowing — can’t leave behind a smaller supply of dollar savings. And if that can’t happen, then a shrinking pool of dollar savings can’t be responsible for driving borrowing costs...

from Richard Koo in current issue of RWER When Milton Friedman visited Japan in the 1950s and spoke to economist Kazushi Nagasu, he had strong things to say about the plight of his people: “I am a Jew…I do not think I need to tell you what kind of horrible deaths Jewish people had to face. The real drive behind my argument for free markets is the bloodied cries of Jewish people who perished under Hitler’s and Stalin’s regimes, and their message is that the best way to happiness is to...

Volume 11, Issue 2 – July 2021download the whole issue EU taxation capabilities and the way forward towards institutional progress in Europe: an interview with Jakob KapellerMitja Stefancic Beyond Economism (Extract from R B Norgaard article) Economics — a severe case of misplaced idolatry of ‘rigour’ Lars Syll Austerity and gender in Brazil: insights from the international literatureAna Luíza Matos de Oliveira and Magali N. Alloatti Each paradigm in economics is a scientific and...

from Richard Norgaard and current issue of RWER Planet Earth is now experiencing more rapid environmental change and greater extremes, clear indicators that humanity faces a challenging if not grim future. Unfolding in real time before our eyes are the staid forebodings of five assessments by the Intergovernmental Panel on Climate Change and the urgent warnings of natural scientists (Hobbs and Cramer, 2008; Beach and Clark, 2015; Bradford et al., 2018; Vosen, 2020; Ripple et al.,...

from Maria Alejandra Mad In the 1960s, Hayek argued that: “in the field of complex phenomena, the term” law “, as well as the concepts of cause and effect, are not applicable”. Regarding “The Theory of Complex Phenomena”, Hayek warned that in the case of complex phenomena, the scientist must give priority to the development of theoretical assumptions, instead of privileging empirical tests. The economist perceives the market system as a complex system in which the coordination process of...

from William Rees and current issue of RWER Introducing the human predicament We are cursed to live in interesting times. The human enterprise is in a precarious state of “ecological overshoot” propelled by excessive economic activity and growing populations. Eco-overshoot (hereafter, “EO”) exists when the human demand for renewable (self-producing) resources exceeds ecosystems’ regenerative capacities and waste discharges from people and their economies exceed ecosystems’...

from Asad Zaman This material is taken from first 15 minutes of Michael Hudson’s Webinar: a 4000-year perspective on economy, money and debt.These are real-world economics lessons, not found in textbooks.  Loans to 3rd World Meant for Control Michael Hudson’s First Wall Street Job was at Chase-Manhattan Bank. He was asked to Evaluate the ability of Latin American Countries to pay back their loans. The goal was to make new multi-billion-dollar loans to countries.  After doing the analysis,...

from James Galbraith and current issue of RWER Introduction Economics is a policy discipline. It is engaged with the problems, large and small, of social organization and the general good. As such it co-evolves with circumstances. It is historically contingent. The application of economic ideas to specific problems under specific circumstances may succeed or fail, and in the latter case, people with different ideas normally rise to prominence. Capitalism is an economic system whose...