Real-World Economics Review

from Lars Syll Edward Snowden and Daniel Ellsberg. Bravest of the brave.

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from Dean Baker In recent days, major fear has been evident in financial markets and elsewhere that the delta variant of the coronavirus will spread widely and be a considerable impediment to continued economic growth: On Monday, the Dow tumbled 700 points, for example. At least based on trends we’ve seen so far, these fears appear to be unfounded. It is highly unlikely that the delta variant will lead to shutdowns of major sectors of the economy, of the sort we saw last spring and...

from Lars Syll How would you react if a renowned physicist, say, ​Richard Feynman, was telling you that sometimes force is proportional to acceleration and at other times it is proportional to acceleration squared? I guess you would be unimpressed. But actually, what most mainstream economists do amounts to the same strange thing when it comes to theory development and model modification. In Dani Rodrik’s Economics Rules — just to take one illustrative example –the proliferation of...

--Dean Baker, Senior Economist at the Center for Economic and Policy Research and visiting professor at the University of Utah, joins David to discuss the state of the economy, whether we're heading to a recession, and much more --- Become a Member: https://www.davidpakman.com/membership Become a Patron: https://www.patreon.com/davidpakmanshow Book David Pakman: https://www.cameo.com/davidpakman --- Subscribe to the SECOND channel: https://www.youtube.com/pakmanlive Follow David on Twitter:...

from Dean Baker I get to say this about the drug companies, now that President Biden has said that Facebook is killing people because it was allowing people to use its system to spread lies about the vaccines. There is actually a better case against the drug companies. After all, they are using their government-granted patent monopolies, and their control over technical information about the production of vaccines, to limit the supply of vaccines available to the world. As a result, most...

from Lars Syll There is first of all the central question of methodology — the logic of applying the method of multiple correlation to unanalysed economic material, which we know to be non-homogeneous through time. If we are dealing with the action of numerically measurable, independent forces, adequately analysed so that we were dealing with independent atomic factors and between them completely comprehensive, acting with fluctuating relative strength on material constant and homogeneous...

from Ken Zimmerman  (originally a comment) On the one side were those who believed that the existing economic system is in the long run self-adjusting, though with creaks and groans and jerks, and interrupted by time-lags, outside interference and mistakes … These economists did not, of course, believe that the system is automatic or immediately self-adjusting, but they did maintain that it has an inherent tendency towards self-adjustment, if it is not interfered with, and if the action...