Real-World Economics Review

from Lars Syll The situation started to change in the 1960s, when antirealism went on the rampage in the social studies community as well as in Anglo-American philosophy. This movement seems to have had two sources, one philosophical, the other political. The former was a reaction against positivism, which was (mistakenly but conveniently) presented as objectivist simply because it shunned mental states. I submit that the political source of contemporary antirealism was the rebellion of...

download whole issue Is a capitalist steady-state economy possible? Is it better in socialism? Theodore P. Lianos The “ideal market” as a normative figure of thoughtTanja von Egan-Krieger The rise of human capital theory Blair Fix How downward redistribution makes America richerSteve Roth The moral dilemma and asymmetric economic impact of COVID-19Constantine E. Passaris Pigou and the dropped stitch of economicsDuncan Austin Third world development:...

Pharmaceutical companies are making obscene profits off the vaccine, and yet they are withholding them, using trade rules from developing nations. Our guest, Economist Dean Baker, doesn't rule out Julianna's theory that this may actually be part of a plan to neglectfully allow various strains to develop and thus provide reason for people to want/need a covid vaccine every year forever and even and ever. And the New York Times is making it all ok. Go figure. Dean Baker co-founded The Center...

from C. P. Chandrasekhar With President Joe Biden having put through Congress and signed a $1.9 trillion American Rescue Plan, the world is set to experience one of the biggest fiscal boosts of recent times, larger than that resorted to in response to the 2008 Global Financial Crisis. Together with the $900 billion short term stimulus announced by the earlier administration end-December 2020, the level of pandemic induced Federal spending in the US is estimated at 13 per cent of GDP this...

On March 19th, I asked the economist Dean Baker of the Center for Economic and Policy Research whether Larry Summers' argument concerning the relief payment amounted to class warfare in disguise. https://cepr.net/ https://cepr.net/staff-member/dean-baker/ Washington Post. Lawrence H. Summers. The Biden stimulus is admirably ambitious. But it brings some big risks, too. February 4, 2021. https://www.washingtonpost.com/opinions/2021/02/04/larry-summers-biden-covid-stimulus/ CEPR. Excessive...

On March 19th, I asked the economist Dean Baker of the Center for Economic and Policy Research about his proposal for supporting an alternative to corporate media. https://cepr.net/ https://cepr.net/staff-member/dean-baker/ Bio Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the...

On March 19th, I interviewed the economist Dean Baker of the Center for Economic and Policy Research. https://cepr.net/ https://cepr.net/staff-member/dean-baker/ Bio Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. His blog,...

from Lars Syll Mainstream macroeconomics can only progress if it gets rid of the DSGE albatross around its neck. It is better to do it now than to wait for another 20 years because the question is not whether but when DSGE modeling will be discarded. DSGE modeling is a story of a death foretold … Getting rid of DSGE models is critical because the hegemonic DSGE program is crowding out alternative macro methodologies that do work … DSGE practitioners, who with a mixture of bluff and...

from Asad Zaman While the car is functioning well, one does not usually open up the engine. But when the car breaks down, it becomes necessary to open it up to see what is wrong. This is the situation today, as the failure of econometric models manifested itself in the global financial crisis, as well as many other occasions. The tragedy is that these same failed models continue to be used today; no serious alternatives have been developed. The reason for this is that the methodology used...